Oceanteam Annual Report 2022 2 CONTENT 1. KEY EVENTS AND FINANCIAL PERFORMANCE ................................................................................................... 3 2. MESSAGE FROM THE CEO ..................................................................................................................................... 3 3. CORPORATE IDENTITY, MISSION AND VISION .................................................................................................... 3 4. MARKET OUTLOOK ................................................................................................................................................. 3 5. BOARD OF DIRECTORS AND MANAGEMENT TEAM ........................................................................................... 4 6. REPORT OF THE BOARD OF DIRECTORS ............................................................................................................ 4 a. CORPORATE STRUCTURE............................................................................................................................. 4 b. BUSINESS ACTIVITY ....................................................................................................................................... 4 c. COMMENTS RELATED TO THE FINANCIAL STATEMENTS ........................................................................ 4 d. GOING CONCERN ........................................................................................................................................... 5 e. RISKS .............................................................................................................................................................. 5 f. EVENTS AFTER THE BALANCE SHEET DATE .............................................................................................. 6 g. SHARE HOLDER INFORMATION ................................................................................................................... 6 7. CONFIRMATION FROM THE BOARD OF DIRECTORS AND CEO ....................................................................... 7 8. CORPORATE GOVERNANCE AND CSR ................................................................................................................. 7 a. CORPORATE SOCIAL RESPONSIBILITY (CSR) ............................................................................................ 7 b. CORPORATE GOVERNANCE POLICY ........................................................................................................... 8 c. CORPORATE GOVERNANCE DEVIATIONS ................................................................................................13 9. FINANCIAL STATEMENTS GROUP .......................................................................................................................14 10. FINANCIAL STATEMENTS PARENT ......................................................................................................................58 11. AUDITOR’S REPORT ..............................................................................................................................................75

Oceanteam Annual Report 2022 3 1. KEY EVENTS AND FINANCIAL PERFORMANCE In this report Oceanteam ASA is further referred to as “Oceanteam” or “Company”. Oceanteam Group consists of Oceanteam ASA and its subsidiaries. KEY EVENTS in 2022 and 2023 Business activities: • In December 2022, Oceanteam signed a share purchase agreement for the sale of the entire Solutions segment. • In January 2023, an extraordinary general meeting of Oceanteam ASA approved the sale. • In January 2023, proceeds from the sale were used to repay the USD 3 million shareholder loans. Corporate events: • In March 2022, Jacob Johannes van Heijst was elected as a board member of Oceanteam ASA • In March 2023, Michael Timson succeeded Hans Reinigert as CEO of Oceanteam ASA KEY FINANCIAL FIGURES OF THE OCEANTEAM GROUP Amounts in US Dollar million From the income statement 2022 2021 Variance Operating income 0,1 0,3 (0,2) Operating expenses - - - Personnel cost (0,6) (1,0) 0,4 General & administration (0,4) (0,5) 0,1 Depreciation - - - Operating profit / (loss) (0,9) (1,2) 0,3 Net finance costs (0,3) (0,2) (0,1) Ordinary profit / (loss) before tax (1,2) (1,5) 0,3 Tax income / (expense) - - - Profit / (loss) from continuing operations (1,2) (1,5) 0,3 Profit / (loss) from discontinued operations (7,0) (1,7) (5,3) Profit / (loss) for the year (8,2) (3,2) (5,1) From the finance position 2022 2021 Non-current assets - 13,2 Current assets 9,5 5,4 Cash 1,5 2,8 Total assets 9,5 18,5 Interest bearing debt 3,0 3,0 Equity 4,9 13,1 Key Figures 2022 2021 EBITDA* (0,9) (1,2) Current ratio* 2,06 2,22 Equity ratio* 51% 71% * See note 27 - Alternative Performance Measures 2. MESSAGE FROM THE CEO The financial year 2022 was another transitional year for Oceanteam with the sale of the Oceanteam Solutions segment that was finalised in January 2023. Including the earlier divestment of the Oceanteam Shipping segment, Oceanteam has now divested all its loss-making business segments. The operations relating to Oceanteam Shipping and Oceanteam Solutions are presented under discontinued operations in the consolidated income statement. The proceeds from the sale of Oceanteam Solutions were partially used to repay the shareholders loans in full. The remaining proceeds have markedly increased Oceanteam’s cash reserves. Oceanteam now has significant cash reserves, no debt, and a lean cost base. Oceanteam is now no longer restrained by these loss-making business segments when engaging with other more resilient and growing prospective investments. The company has suﬀicient cash reserves to execute on ongoing initiatives in line with earlier announced criteria of stable but growing cashflow, thereby providing value to the shareholders of the Company. We are in ongoing discussions with potential partners that have profitable business models with focus on environmental improvements in their ESG approach. We are strongly committed to realising an M&A opportunity to revitalise the company and to create long-term shareholder value. I would like to thank all stakeholders for their positive contribution. Particularly our small, dedicated team of employees and our supportive board of directors. Mike Timson CEO of Oceanteam ASA 3. CORPORATE IDENTITY, VISION AND MISSION Oceanteam is a Norwegian listed subsea and oﬀshore services company, with a head oﬀice in Bærum. The Company has divested its Oceanteam Shipping and Oceanteam Solutions segments. The company is looking to execute on ongoing initiatives in line with earlier announced principles of stable but growing cashflow, thereby providing value to the shareholders of the Company. We are looking for partners that have a profitable business model with focus on environmental improvements in their ESG approach. For more information about the Company: www.oceanteam.no The Company ticker on the Oslo Stock Exchange is “OTS” (www.ose.no). 4. MARKET OUTLOOK Oceanteam is currently unable to identify a market outlook as its last remaining operating segment has been divested and no decision has yet been taken regarding which business will be carried out in the future.

Oceanteam Annual Report 2022 4 5. BOARD OF DIRECTORS AND MANAGEMENT TEAM Board of Directors Keesjan Cordia Chairman of the Board of Oceanteam ASA since April 2018 Year of birth: 1974, Dutch national Current positions: director of Invaco Management B.V., Corinvest B.V., Ship Finance International Ltd (NYSE), Northern Drilling Ltd (OSE), Combifloat B.V., Kerrco Petroleum, Capricorp Investments Ltd, Capricorp Investments N.V., VS Particle Holding B.V and Workships Group B.V. Former positions: owner/director of Sea Accommodation Resorts Limited (Sea Fox Group) B.V. Education: academic degree in business economics Karin Govaert Member of the Board of Oceanteam ASA since April 2018 Year of birth: 1968, Dutch national Current position: founder and director of Rivermaas B.V. and supervisory board member of Samskip Holding B.V. Former positions: consultant, operational partner for Rotterdam Port Fund Education: academic degree in economics, master’s in finance Jacob Johannes van Heijst Member of the Board of Oceanteam ASA since April 2022 Year of birth: 1968, Dutch national Current positions: director of Stichting Value Partners Family Oﬀice, Stichting Pieter Bastiaan, Stichting IENA, Singkep Derivatives B.V. and Arcona Property Fund N.V. Former positions: derivatives trader in Amsterdam and New York, head of research at Optiver Education: PhD in Medical Physics Management Team: Michael Timson CEO of Oceanteam ASA since March 2023 Ben de Jong CFO of Oceanteam ASA since August 2021 6. REPORT OF THE BOARD OF DIRECTORS a. CORPORATE STRUCTURE Oceanteam ASA is the parent company of a group of companies (together the “Oceanteam Group”). Aﬅer the divestment of the Solutions segment, the remaining companies are either dormant or have limited activity. Oceanteam intends on liquidating these remaining companies in 2023. Most of the subsidiary companies are incorporated in Norway and in the Netherlands. b. BUSINESS ACTIVITY OCEANTEAM SOLUTIONS Oceanteam currently does not have a business activity as its last remaining operating segment has been divested and no decision has yet been taken regarding which business will be carried out in the future. c. COMMENTS RELATED TO THE FINANCIAL STATEMENTS INCOME STATEMENT The Oceanteam Solutions segment has been classified under discontinuing operations retrospectively. The income statement has therefore been re- presented for 2021. The continuing operations only represent Oceanteam ASA and some subsidiaries with little or no activity. Oceanteam ASA has been separately identified as its own operating segment separate to Oceanteam Shipping and Oceanteam Solutions. The net result from the Oceanteam shipping segment and Oceanteam Solutions segment is presented under discontinuing operations. The loss from continuing operations for 2022 was USD 1.2 million (2021: USD 1.5 million). The loss from discontinued operations for 2022 was USD 7.0 million (2021: 1.7 million). The reduction in the loss from continuing operations is mainly driven by the non-recurrence of redundancy costs in 2021 and from a decrease in use of external consultants year on year. See note 8 for further information. Most of the loss from discontinued operations relates to the Oceanteam Solutions Segment. This segment suﬀered a loss of USD 6.8 million of which USD 5.7 million relates to an impairment of the equipment. See note 11 for further information. The total loss of the Oceanteam Group increased to USD 8.2 million in 2022 compared to USD 3.2 million in 2021. BALANCE SHEET AND CAPITAL STRUCTURE Total assets at the end of the reporting period amounted to USD 9.5 million, compared to USD 18.5 million as of 31 December 2021. Equity as a percentage of total assets was 51 percent per 31 December 2022, compared to 71 percent per 31 December 2021. Oceanteam has diversified capital sources consisting of equity and shareholders’ loans. The equity (share capital of the Company) is divided into 34,338,833 shares with a nominal value of NOK 5.75 each. The loans from the shareholders of USD 3 million were repaid in January 2023. The assets and liabilities attributable to the Solutions Segment have been classified as held for sale. Following the reclassification of the equipment within the Solutions segment to ‘assets held for sale’, these assets have been measured at the lower of their carrying value and fair value, less costs to sell. The fair value less costs to sell has been determined by using the sale price of the Oceanteam Solutions segment. This has resulted in an impairment of USD 5.7 million. See note 11 for further information. The fully consolidated subsidiary, Oceanteam Bourbon 4 AS, has a loan receivable from the equity accounted associate, Oceanteam Bourbon 101

Oceanteam Annual Report 2022 5 AS. The loan balance per 31 December 2022 is USD 9.5 million. Aﬅer the provision for expected credit losses, the carrying value of the loan is USD 1.1 million. INVESTMENT IN ASSOCIATES AND JOINT VENTURES The Investment in associates and joint ventures was nil on 31 December 2022 (31 December 2021: USD nil). This is primarily the investment in Oceanteam Bourbon 101 AS, the company being accounted for according to the equity method. CASH FLOW AND LIQUIDITY During 2022, the Group’s cash position decreased from USD 2.8 million to USD 1.5 million. Net cash flow from operating activities amounted to negative USD 0.1 million in 2022 compared to positive USD 1.5 million in 2021. The net decrease in cash from discontinued operations amounted to USD 1.1 million in 2022 compared to USD 2 million in 2021. d. GOING CONCERN In accordance with the Accounting Act § 3-3a Oceanteam ASA confirms that the financial statements have been prepared under the assumption of going concern. This assumption is based on income forecasts for the years 2023 – 2024. Aﬅer the divestment of the Solutions segment, the cash position of the group has improved significantly. Liquidity forecasts going forward show outgoing cashflows higher than incoming cashflows. The company has suﬀicient cash reserves to cover this net cash outflow for an extended period of time, well in excess of 12 months from the publication date of this report. The Directors have considered all available information about the future when concluding whether the Company is a going concern at the date, they approve the financial statements. The review covers a period of at least twelve months from the date of approval of the annual report. There is inherent risk in cash flow estimates. See note 3 for further information. e. RISKS Based on the Group’s activities and strategic objectives, the Company has identified the main risks associated with its activities and strategy. These risk factors may positively or adversely aﬀect Oceanteam in the future. Please note that the risks below are not the only risks that may aﬀect Oceanteam’s business or the value of the shares. Additional risks not presently known to the Board of Directors or considered immaterial may also aﬀect its business operations and projects. Development of the business and changes in market conditions can also lead to new risk areas that previously were not applicable. If any of the risks described below materialise, individually or together with other circumstances, they may have a material adverse eﬀect on the Group’s business, financial condition, results of operations and cash flow and / or prospects. The order in which the risks are presented below is not intended to provide an indication of the likelihood of their occurrence nor of their severity or significance. The risks mentioned herein could materialise individually or cumulatively. The appetite for risks is extensively discussed and tested for every major individual event, such as entering into a contract, making an acquisition or divestment, deciding to make an (capex) investment, or hiring new management. All management in Oceanteam must identify and evaluate the risks to the achievement of any project objectives, set boundaries for risk acceptance, and apply fit-for-purpose responses. Management must actively manage their project risks and accurately inform decision authorities and the Management of the Group. Risk management is primarily about adopting a structured way of working that ensures risks are identified, understood, agreed, communicated, and acted upon in a timely and consistent manner. An unambiguous organizational framework is a pre-requisite. Risk management is an integrated part of and is actively used to support the decision-making process. The Company has two explicit “zero tolerance” criteria: 1) In relation to HSE: Oceanteam has zero tolerance for harm to people or for damage to the environment or to its assets in the execution of its activities. 2) In relation to Compliance: Oceanteam has zero tolerance for non- compliance with the Oceanteam’s Code of Ethics and any related applicable laws and regulations. Risk breakdown structures are excellent tools for both risk identification as well as classifying, evaluating, and managing risks to assist with managing sub sections of the risk register. Active risk management must help in achieving the Companies’ strategic goals and objectives. TECHNICAL RISKS Oceanteam is currently unable to identify any technical risks as its last remaining operating segment has been divested and no decision has yet been taken regarding which business will be carried out in the future. COMMERCIAL RISKS Oceanteam is currently unable to identify any commercial risks as its last remaining operating segment has been divested and no decision has yet been taken regarding which business will be carried out in the future. FINANCIAL RISKS The Company is exposed to financial risk in diﬀerent areas. Financial risks include interest rate and currency fluctuations and investment, credit and liquidity risks in general. The Company has liabilities in foreign currencies and is exposed to currency risks. Since the functional currency is in USD, the foreign exposure is for liabilities in EUR and its fluctuations with USD. Some of the local costs for Oceanteam are in NOK. The overall strategy to reduce currency risk is largely based on natural hedging by having cash deposits in diﬀerent currencies.

Oceanteam Annual Report 2022 6 CREDIT RISK Credit risk is the risk of financial loss to the Group if a customer or other counterpart to a financial instrument or invoice fails to meet its contractual obligations and such loss would arise principally from the Group’s trade receivables and other receivables. As at 31 December 2022, Oceanteam Bourbon 101 AS had negative equity of USD 8.3 million. Oceanteam Bourbon 4 AS has reflected this by increasing its provision for lifetime expected credit losses by USD 0.4 million from USD 8 million to USD 8.4 million. LIQUIDITY RISK Liquidity risk relates to the ability to meet financial obligations as they fall due. As at 31 December 2022, Oceanteam had financial obligations due to major shareholders in respect of loans provided and to vendors. At the end of 2022, the balance of secured debt was USD 3 million. This was repaid in full in January 2023. At the end of 2022, there was USD 0.07 million in trade payables and USD 0.3 million in other current liabilities. Obligations to vendors are mostly smaller in size and across a larger number of vendors. The liquidity risk can be divided into short-term, medium-term, and long- term risks. Following the large cash inflow from the sale of Solutions and subsequent repayment of the shareholder loans, Oceanteam has significant cash reserves, no debt and limited ongoing costs. Liquidity risk in the short and medium term is considered extremely low. Until Oceanteam completes a merger or acquisition, it will have cash outflows that are more than cash inflows. Even though these cash outflows are not significant in relation to the amount of cash reserves, in the long term, the company must secure new business and cash inflows to remain a going concern. The operations of the Mexican oﬀice have been closed. Both the Tiburon II and Mantarraya II are laid up in Venezuela and subject to charges due to vendor claims. Within Oceanteam Bourbon 4 AS, which is fully consolidated, as at 31 December 2022, there was cash of USD 0.03 million and no loan debt. At the balance sheet date, the Group had a cash position of USD 1.5 million. MARKET RISK Market risk includes risk due to fluctuations in oil prices, energy prices, political, economic risk and other uncertainties, increased competition and risk of war, other armed conflicts, and terrorist attacks. Oceanteam currently does not have any operating segments with business activities. ORGANISATIONAL RISKS Key subsections of Organizational Risks are risks related to the Corporate structure, Resources, Competencies, Procedures, Project Controls, Knowledge management, Systems and IT-Interfaces, Reporting, Partners and Governance. Oceanteam has gone through a major restructuring during the last four years. The Management and the Board of Directors have initiated a series of initiatives to improve the organization, including its procedures, systems, resources, controls and reporting. Improving the internal organisation is an on-going process. For 2023, further focus will be put on resources, competencies, and project and risk management controls. The Group is committed to continuously improve its organisational capabilities, processes, and systems. The Group’s risk management and internal control are based on principles in the Norwegian Code of Practise for Corporate Governance. The Board of Directors’ view is that continuous improvement of the Group’s operations in a systemic manner is a necessity in order to manage risks and realise opportunities to ensure eﬀicient and eﬀective operations in line with stakeholders’ expectations. The Group has established routines for weekly, monthly and quarterly reporting regarding commercial, operations, liquidity, financing, investments, HSE, HR, and legal performance. As part of the monthly reporting, Management presents detailed budgets and forecast on a 12-month rolling-basis. The Board of Directors considers the Group’s reporting procedures to be satisfactory and in compliance with the requirements on risk management and internal control. Liability insurance has been taken out for the Directors and Oﬀicers for their possible liability to the company and third parties. POLITICAL RISKS Key subsections of political risks are risks related to government, stakeholders, regulations, compliance, reputation, export controls, local requirements, community and license to operate. The Group has the ambition to be an incident free organisation, onshore and oﬀshore. The Group strives to improve safety and environmental performance across all worksites, globally. Oceanteam’s activities are carried out in compliance with laws and regulations valid in the relevant territory, including international protocols and conventions, which apply to the specific segments of operation. Changes to such regulatory frameworks, if not properly identified and implemented, may expose the Company to fines, sanctions or penalties. Compliance is enforced across the Group. f. EVENTS AFTER THE BALANCE SHEET DATE In January 2023, an extraordinary general meeting of Oceanteam ASA approved the sale of the Oceanteam Solutions segment.

Oceanteam Annual Report 2022 7 In January 2023, proceeds from the sale were used to repay the USD 3 million shareholder loans. In March 2023, Michael Timson succeeded Hans Reinigert as CEO of Oceanteam ASA. g. SHAREHOLDER INFORMATION SHAREHOLDER INFORMATION Shares in Oceanteam ASA are publicly traded at the Oslo Stock Exchange. Per 31 December 2022, the Company had 34 338 833 shares traded under the ticker code ‘’OTS’’. All shares are given equal voting rights. Shares are identified by the name of its owner or its owner’s nominee account. As reflected in the Company’s Articles of Association there are no restrictions relating to voting or transfer of ownership of the shares, nor are there mechanisms aimed at preventing takeovers. There are no specific representations, individual or in total, for shares owned by the employees. MARKET VALUE OF THE SHARES The shares on the Oslo Børs Stock Exchange were traded around NOK 1.7 per year end 2022 which gives a market valuation of the Company of approximately NOK 58.4 million on 31 December 2022 (in USD approximately USD 5.9 million at the conversion rate of 9.86), considering the share volume of 34 338 833 shares of the Company. The Company holds 0.37 percent treasury shares (127 573 shares). There are no restrictions in the Company’s articles of association for trading the shares. PARENT COMPANY The parent company, Oceanteam ASA, showed a loss of USD 8.5 million standalone. The negative result was attributable to a lack of dividends from investments with none being received in 2022, and to significant impairments recognised. The year-end impairment review of the company’s investment in Oceanteam II B.V resulted in a write-oﬀ of USD 7.4 million. The parent company’s share capital per year-end 2022 amounted to USD 25.4 million (2021: USD 25.4 million) with a total equity of USD 2.3 million (2021: USD 10.8 million). The equity changes in the parent company are explained in detail in note 9 of the parent company. Net change in cash amounted to negative USD 0.1 million. The parent company is reporting its financial statements in USD as this is its functional currency and is in line with the Group reports. RESULT AND EQUITY The consolidated accounts show a loss for the period of USD 8.2 million. The consolidated total equity is USD 4.9 million as of 31 December 2022. The equity ratio as a percentage of the total assets is 51 percent. ALLOCATION OF NET INCOME The Company’s financial statement has returned a loss of USD 8.5 million. The Board of Directors proposes to allocate this figure against uncovered losses. The Group’s consolidated financial statements have returned a loss of USD 8.2 million and no other comprehensive income. The Board of Directors proposes to allocate this figure against uncovered losses. 7. CONFIRMATION FROM THE BOARD OF DIRECTORS AND CEO We confirm to the best of our knowledge that the financial statements for the period 1 January to 31 December 2022 have been prepared in accordance with current applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and result for the period of the Company and the Group taken as a whole. We also confirm that the Board of Director’s Report includes a true and fair review of the development and performance of the business and the position of the entity and the Group, together with a description of the principal risks and uncertainties facing the Company and the Group. The Board recommends that the Annual General Meeting of Shareholders adopts the Financial Statements for the year 2022. The Board of Directors and CEO of Oceanteam ASA Bærum, Norway, 5 April 2023 8. CORPORATE GOVERNANCE AND CSR a) CORPORATE SOCIAL RESPONSIBILITY (CSR) Corporate Responsibility (CR) at Oceanteam is a matter of making good and sustainable business decisions. The Company considers Corporate Responsibility a strategic benefit that adds value to the Company, its stakeholders and society. The goals of the Company regarding corporate responsibility are to increase the positive eﬀects and reduce potential negative consequences of its operations. As part of its responsibilities towards internal and external stakeholders, the Company has a number of policies expressing its position on governance matters that include safety, environment, business ethics and integrity. The Board of Directors is ultimately responsible for CR and governance activities. Development and oversight of the Corporate Responsibility as well as performance and reporting is delegated to the Management. The Solutions business of Oceanteam holds Lloyds certificates for ISO 9001:2015, standards for quality, environmental and health and safety management. Reporting required by the Norwegian Transparency Act will be published at the latest on 30 June 2023 and will be available on the company’s website: www.oceanteam.nl. WORKING ENVIRONMENT At the end of 2022, the Company employed 3 people, contractors and Keesjan Cordia Karin Govaert Jacob Johannes van Heijst Michael Timson Chairman Director Director CEO

Oceanteam Annual Report 2022 8 marine crew not included, with diﬀerent backgrounds and roots from diﬀerent places, bringing together a mix of cultures. The people within Oceanteam are a crucial factor in the entire process of creating value for our customers. For the future Oceanteam intends applying a systematic approach to the performance and achievements of the employees. The aim is to encourage, acknowledge and continuously motivate employees. Uniform job profiles for the Group have been implemented throughout the Company, which helps ensure our workforce is performing at its best for Oceanteam and its customers. The percentage sick leave for 2022 was 12 percent. The Company has procedures in place to ensure employees have a good working environment. PROFESSIONAL STANDARD, BUSINESS ETHICS AND ANTI-CORRUPTION In December 2019 the Board of Directors of Oceanteam approved an updated code of ethics (“Code of Ethics”). All permanent employees and managers, contractors, suppliers, subcontractors, representatives and other contracting parties of Oceanteam are required to act in accordance with the principles set forth in the Code of Ethics and to confirm in writing adherence to Oceanteam’s ethical standards. EQUAL OPPORTUNITY Oceanteam is fully committed to meeting its obligation to provide equal employment opportunities to all employees and applicants without regard to race, colour, religion, gender, national origin/ancestry, citizenship, age, sexual orientation, disability or other protected status. Most of Oceanteam’s employees work in the Netherlands, however a number of the staﬀ represents other nationalities, backgrounds and cultures than those of the Netherlands and Norway. The anti- discrimination laws’ objective is to promote gender equality, ensure equal opportunities and rights and to prevent discrimination due to ethnicity, national origin, descent, skin colour, language, religion and faith. Oceanteam is actively and systematically working to comply with the anti-discrimination laws and actively to avoid discrimination in the fields of recruiting, salary and working conditions, promotion, development, opportunities and protection against harassment. SAFETY At times the Company engages in work under challenging conditions, making it imperative to maintain the safety of employees and customers, subcontractors, consultants and other parties. The foundation for this continuous diligence is the Company’s QHSE management system and the Integrated Management System (IMS) as well as regular risk assessments. The Company’s QHSE policy is instrumental to the development of our employees to ensure that they are safe and comply with all relevant QHSE legislation. This is done through involvement in our introduction process and attendance at various mandatory training courses. Oceanteam requires all employees to adhere strictly to its policies and procedures. The Company rigorously enforces its obligation to ensure both the appropriate training and competences for the task in hand and the awareness of each employee of their rights and obligations in maintaining a healthy and safe workplace. In 2022, no large-scale accidents or incidents were recorded in the Oceanteam group. Nor were any personal injuries reported in any Oceanteam company in 2022. Any and all reported incidents and accidents are always followed up with an investigation that is recorded and filed. The cause and solution of the investigation are recorded in a database. NATURAL ENVIRONMENT The desire to minimise harm to the natural environment continues to be a prime objective. Oceanteam Solutions’ Lloyds certification for ISO 9001:2015 and the Integrated Management System ensure a systematic approach to environmental management and continuous improvement throughout the Group. The identified main aspects and potential negative impact from Oceanteam operations and locations are the use and transfer of oil, general waste production and pollution from waste oil and waste cooling fluids. Mitigating activities to reduce impacts and potential negative impacts include spill kits available on-site, work instructions for waste reduction and sorting and waste transfer notes kept on site. Oceanteam Solutions require smaller amounts of oil-use in their operations and use only biodegradable oil to ensure minimum environmental risk. The results of the environmental risk mitigation work in 2022 are deemed to be satisfactory, with zero reported leakage or spillage incidents. b) CORPORATE GOVERNANCE POLICY Adopted by the board of Directors on 3 April 2020 1 INTRODUCTION 1.1 Background Oceanteam ASA (“Oceanteam” or the “Company”) is a listed company, established and registered in Norway in accordance with Norwegian law. The Company and its subsidiaries (the “Group”) make every eﬀort to comply with all applicable laws and regulations, as well as with the Norwegian Code of Practice for Corporate Governance (Nw: “Norsk anbefaling for eierstyring og selskapsledelse”) issued by the Norwegian Corporate Governance Board on 14 October 2021 (the “Code”) and published at www.nues.no. The Board of Directors (the “Board”) adopted this Corporate Governance Policy (the “Policy”) on 3 April 2020 to reflect and underline the Company’s commitment to good corporate governance and to reflect the amendments to the Code on 17 October 2018. The Policy is intended both as a guiding instrument for the Board and the executive management and as a device to maintain good relations and trust with the various stakeholders of the Company and Group. In further implementation of this goal, the Board has also adopted an Insider Trading Policy and a Code of Ethics, applicable throughout the whole Group.

Oceanteam Annual Report 2022 9 1.2 Purpose This Policy includes measures implemented for the purpose of clarifying the division of roles between the shareholders, the Board and the executive management, consisting of the Chief Executive Oﬀicer (“CEO”) and Chief Financial Oﬀicer (“CFO”) more comprehensively and for ensuring an eﬀicient management of and control over the Company’s operations. The main goal is to have systems for communication, monitoring, accountability and incentives that enhance and maximise the corporate profit, the long-term health and overall success of the business, and the shareholders’ return on their investment. The development of and improvements on the Company’s corporate governance is a continuous process, to which the Board and the executive management devote a strong focus. 1.3 Regulatory framework The Company is a Norwegian public limited liability company (ASA) listed on Oslo Børs (the Oslo Stock Exchange). The Company is subject to the corporate governance requirements set out in the Norwegian Public Limited Liability Companies Act 1997 (the “NCA”), the Norwegian Securities Trading Act of 2007 as amended in 2014 (the “STA”) and the Norwegian Stock Exchange Regulations (the “SER”). Any deviations from the guidelines provided in the Code will be explained in accordance with the “comply or explain” principle of the guidelines. The status of compliance in respect of each recommendation provided in the Code will also be set out in the Company’s annual report in accordance with the requirements of section 3-3b of the Norwegian Accounting Act. 1.4 Management and Control of the Company The management and control of the Company is shared between the shareholders, represented in the general meeting of shareholders of Oceanteam (the “General Meeting”), the Board and the CEO according to applicable company law. The Company has an external independent auditor elected by the General Meeting. 1.5 Corporate values and ethics The Company is an oﬀshore services and shipping company. The Board sets the core values and guides the aﬀairs of the Group. This includes the Group’s commitment to achieving its health and safety vision and the Group’s adherence to the highest ethical standards in all of its operations. The Board integrates environmental improvement into its business plans and strategies, and seeks to embed sustainability into the Group’s business processes. The Board monitors the Group’s performance in these areas. The Company holds certificates to the ISO 9001 standards for quality, environmental and health & safety management. The Company further strives to maintain a high ethical standard. All employees are appropriately trained and confirm adherence with the Group ethical principles set forth in the Group Code of Ethics. 2 BUSINESS The operations of the Company shall be in compliance with the business objective set forth in its Articles of Association. The Company’s business purpose reads as follows: “The objective of the company is sale, purchase, contracting, acquiring, lease and operation of vessels and equipment with associated services directly through wholly or partly owned subsidiaries. The company may sell assets, including shares in subsidiaries, and invest and participate in other companies”. 3 THE BOARD OF DIRECTORS 3.1 Role Oceanteam shall be directed by an eﬀicient Board with collective responsibility for the success of the Company. The Board represents, and is accountable, to the shareholders of the Company. The Board shall define clear objectives, strategies and risk profiles for the Company’s business, such that the Company creates value for the shareholders. The Board has both managerial and supervisory duties and sets clear objectives and strategically guides the Company by eﬀectively monitoring the executive and senior management, the financial situation of the Company and the Company’s accountability towards- and communication to its shareholders. The Board has overall responsibility for the operational and financial performance of the Group and will review this on a regular basis. The Board shall approve major capital projects and related capital expenditures, as well as significant investments and disposals, acquisitions, mergers and divestments. The board shall approve loans and other financing for the Group. The Board could take board positions in Joint ventures. The Board delegates to the executive management the implementation of the strategy and business plan. The Board ensures that the Company is eﬀiciently organised and that its operations are carried out in accordance with all applicable laws and regulations, in accordance with the objectives of the Company and its purpose pursuant to its Articles of Association, and within the guidelines given by the shareholders through resolutions in General Meetings from time to time. In order to ensure eﬀicient and thorough working procedures, the Board may appoint one or more working committees to prepare matters for final decision by the Board. The appointment, composition and mandate of such committees shall be made in due consideration of issues such as the nature of the envisaged project and the particular skills required and may include board members. The Board shall ensure that members of the Board and executive personnel make the Company aware of any material interests that they may have in matters to be considered by the Board. The Board shall initiate activities, processes and investigations as it deems necessary in order to carry out its responsibilities as may be required from time to time by one or more Board members, employees or relevant external parties. 3.2 Financial control, risk management and internal control 3.2.1 Supervision The Board shall at all times ensure that it has a clear view on the financial

Oceanteam Annual Report 2022 10 situation of the Company and has a duty to ensure that the Company’s operations, accounting and asset management are subject to satisfactory control. The members of the Board have full and free access to oﬀicers, employees and the books and records of the Company and specifically to the key executive functions stipulated under sections 4 and 5 hereof. The Board shall ensure that the CEO reports monthly to the Board on the Company´s activities, position and financial situation. 3.2.2 Adequate capitalisation The Board shall evaluate whether the Company’s capital and liquidity are adequate in relation to the risks and the scope of the Company’s operations at all times and whether it fulfils the minimum requirements established by law. The Board shall immediately take adequate measures should it be apparent at any time that the Company’s capital or liquidity is less than adequate. If the Board requests the General Meeting to grant authority to the Board to increase the share capital, the Board will ensure that the increase is designated for a specific purpose. If several purposes are of relevance, each purpose should be dealt with separately in the General Meeting. 3.2.3 Risk management and internal control The Board shall ensure that the company has sound internal control and systems for risk management that are appropriate in relation to the extent and nature of the Company’s activities and shall be regularly briefed by the Chief Financial Oﬀicer (“CFO”) thereon. Internal control and the systems shall encompass the Company’s corporate values and guidelines for ethical and corporate social responsibility. The Board will carry out an annual review of the Company’s most important areas of exposure to risk and its internal control arrangements. In compliance with section 3-3b of the Norwegian Accounting Act, the Board will provide an account in the annual report of the main features of the Company’s internal control and risk management systems as they relate to the Company’s financial reporting. 3.3 Composition 3.3.1 Number of directors The Board shall be elected by the General Meeting. The Company currently has no employee representatives on its Board. 3.3.2 Independent directors The Company shall have a majority of directors that are independent from its executive management and main business partners, and no representatives of the executive management shall be a member of the Board. Further, the Board shall include at least two directors that are independent of the Company’s major shareholders, i.e. shareholders holding more than 10 % of the Company’s shares. Independence shall for these purposes mean that there are no circumstances or relationships that are likely to aﬀect or could appear to aﬀect the director’s independent judgement. The evaluation of whether a director is independent shall be based on the criteria set out in section 8 of the Code. The Company may be in need of in-depth support to the executive management for the day-to-day business of the Company by experienced senior professionals with profound knowledge of the Company. To the extent that the CEO considers that there is such need of expertise and one or more of the directors fulfil these criteria, the CEO shall indicate to the Board that it is deemed beneficial for the Company that a director provides the required support. Such support can be provided through specific project agreements. In order to ensure transparency about such project agreements, any agreements for additional services provided by directors shall be approved by the Board and submitted to the General Meeting for approval. The members of the Board are encouraged to hold shares in the Company. 3.4 Appointment and termination – Nomination and Remuneration Committee The Board or any shareholders may recommend candidates for the Board, whereas any recommendation shall be supported by justification including information on each candidate’s competence, capacity and independence with the aim to attract reputable and experienced professionals with relevant knowledge and skills for the Company. The members of the Board are appointed by the shareholders in a General Meeting for a period of two years. The Board elects the Chairman of the Board. The shareholders in a General Meeting can resolve to remove directors. The Company’s size entails that the Company views it as an unnecessary costly arrangement to have a separate Nomination and Remuneration Committee and has therefore chosen to deviate from section 7 of the Code. 3.5 Proceedings The Board shall adopt guidelines on the division of responsibilities between the executive management and the Board. The Board will hold board meetings as oﬅen as required, whereas such meetings may be conducted by a conference call. 3.6 Annual evaluation The Board will annually evaluate its performance in the previous year and the performance of the CEO. 4 THE EXECUTIVE MANAGEMENT 4.1 THE CEO 4.1.1 Appointment The Board appoints and removes the CEO. 4.1.2 The Tasks and Procedures applicable to the CEO The CEO is in charge of the day-to-day management of the Company’s business and shall comply with the guidelines and instructions issued by the Board and in accordance with applicable laws and regulations. 4.1.3 The CEO’s Duties to the Board of Directors The CEO shall at least each month at a meeting or in writing, provide the Board with information of the Company’s business, position and financial situation. The CEO shall ensure that the Board receives accurate, relevant and timely information that is suﬀicient to allow the Board to carry out its duties.

Oceanteam Annual Report 2022 11 4.2 The CFO The Board appoints and removes the CFO. The CFO reports to the CEO. The CFO is authorised to participate in the meetings of the Board as required and shall have primary responsibility for managing the company’s finances, including treasury, financial planning, management of financial risks, record-keeping and financial reporting. 5 OTHER EXECUTIVE FUNCTIONS The Corporate Counsel shall give solicited and unsolicited advice on matters relating to governance, ethics, risk assessment, agreements and arrangements that bind the Company and any matters that have legal implications and is responsible to regularly report thereon to the CEO. The Board may invite the Corporate Counsel to participate in meetings of the Board and the Corporate Counsel may interact directly with the Board on any matters with corporate governance- and legal implication. 6 REMUNERATION OF DIRECTORS AND CEO 6.1 Remuneration of Directors The remuneration of the directors shall be determined by the shareholders in a General Meeting and be disclosed in the annual accounts of the Company. Additional remuneration may be granted to members of the Board who are appointed to board committees. Any remuneration in addition to normal director’s fee shall be approved as stated in section 3.3.2 hereof and shall be specifically identified in the annual report of the Company. The Company deems it beneficial that the directors have aligned interests with the Company’s shareholders and other stakeholders. Therefore, the Company may choose to remunerate Board members through performance-based remuneration schemes such as options. The Company has therefore chosen to deviate from section 11 of the Code. Directors shall be encouraged to invest part of their remuneration in shares in the Company at market price. 6.2 Remuneration of CEO The Board shall adopt a statement with guidelines in respect of the remuneration of the CEO that is to be considered by the General Meeting. The statement should be produced as a separate appendix to the notice for the annual General Meeting. The guidelines for remuneration of executive personnel should clearly state which aspects of the guidelines are advisory and which, if any, are binding 6 (equity-based remuneration). Based on this division, separate votes should be held on these aspects of the guidelines at the General Meeting. Remuneration including any performance related incentive to the CEO shall be determined by the Board in meeting. All elements of remuneration to the CEO, and the total remuneration for the CEO shall appear from the annual report. The Board may at its sole discretion, grant performance related incentive to employees. The incentive cannot exceed one year’s annual salary, unless the Board decides otherwise and substantiates such decision. The Board may develop incentive schemes for the Group in order to align the motivation goals of personnel with that of the Company and enhance the value creation capacity for the shareholders. 6.3 Severance payments No employees of the Group shall have employment contracts granting notice periods of more than 12 months. 7 DISCLOSURE AND TRANSPARENCY 7.1 General The Company shall at all times provide its shareholders, the stock market (Oslo Børs) and the financial markets generally (through Oslo Børs’ information system) with timely and accurate information. Such information will take the form of annual reports, semi-annual interim reports, press releases, stock exchange notifications and investor presentations, as applicable. The Company shall seek to clarify its long- term potential, including its strategy, value drivers and risk factors. The Company shall maintain an open and proactive investor relations policy, a best-practice website and may give presentations as the Board deems fit in connection with annual and interim results. The Company shall disclose insider information in accordance with prevailing applicable laws. The Company will disclose relevant events including, without limitation, board and shareholder resolutions regarding dividends, mergers/de-mergers or changes in share capital, issue of warrants, convertible loans and all agreements of material importance that are entered into between group companies or related parties. 7.2 Communication with Shareholders The Board shall make itself available for discussions with the major shareholders to develop a balanced understanding of the issues and concerns of such shareholders, subject always to the provisions of the NCA, the STA, the SER and the principle of fair treatment of shareholders stipulated under section 8 hereof. The Chairman shall ensure that the views of shareholders are communicated to the entire Board. Information given to the Company’s shareholders shall simultaneously be made available on the Company’s website. 8 FAIR TREATMENT OF SHAREHOLDERS 8.1 General The Board shall take into account the interest of all shareholders of the Company and treat all shareholders fairly. There is and will remain to be only one class of shares and all shares are and will remain freely transferrable. If and when applicable, the reason for any proposed deviation from the pre-emptive rights of shareholders to participate in new share capital increases will be explained and included in notifications to the market. 8.2 Approval of agreements with shareholders and other related parties All transactions that are not immaterial between the Company and a shareholder of the Company (or related parties thereto) will be subject to a valuation from an independent third party and shall be approved by the Board. If the consideration exceeds 2.5 % of the Company’s total assets such transactions shall be approved by the shareholders in a General Meeting, to the extent required by the NCA Section 3-8. The directors and the executive and senior management shall notify the Board if they have any material direct or indirect interest in any transaction entered into by the Group.

Oceanteam Annual Report 2022 12 9 AUDIT Under Norwegian law, the Company’s auditor is elected by the shareholders in a General Meeting. The Board shall make recommendations to the General Meeting on the auditor’s appointment, removal and remuneration and shall also monitor the auditor’s independence, including the performance by the auditor of any non-audit work. The Board will inform the shareholders in the Annual General Meeting (the “AGM”) on the auditor’s fees specified on audit and non-audit work respectively. The Company shall have an audit committee the (“Audit Committee”) that consists of two or more Board members that have the required qualifications. The Audit committee may involve specialists and nominate advisors to support the work of the Audit Committee. The Audit Committee may request the CFO to directly provide to the Audit Committee information related to financial reporting, financial risks, internal controls over financial reporting and corresponding compliance aspects. The auditor shall annually present a plan for the auditing work to the Audit Committee or to the Board and have at least one annual meeting with the Audit Committee or the Board to go through the Company’s internal control systems and to identify possible weaknesses and potential areas of improvement. 10 DIVIDEND POLICY The Company’s objective is to yield a competitive return on invested capital to the shareholders through a combination of distribution of dividends and increase in share value. In evaluating the amount of dividend, the Board of Directors shall place emphasis on certainty, foreseeability and stable development, the Company’s dividend capacity, the requirements for sound and optimal equity capital as well as for adequate financial resources to enable future growth and investments, and the ambition to minimise the cost of capital. The AGM can resolve to grant a mandate to the board of directors to approve the distribution of dividends on the basis of the approved annual accounts. Such a mandate should be based on the existing dividend policy. The explanation for the proposal to grant a mandate should state, inter alia, how the mandate reflects the Company’s dividend policy. 11 SHAREHOLDER MEETINGS The shareholders represent the ultimate decision-making body of Oceanteam through the General Meetings. The AGM of the Company will be held each year before the end of June. The AGM shall approve the annual accounts and report and the distribution of dividend, as well as make such resolutions as required under applicable laws and regulations. The Board may convene an extraordinary general meeting (“EGM”) whenever deemed appropriate or when such meetings are required by applicable laws or regulations. The Company’s auditor and any shareholder or group of shareholders representing more than 5 % of the current issued and outstanding share capital of the Company may require that the Board convene an EGM. The Board will make arrangements to ensure that as many shareholders as possible are enabled to exercise their shareholders’ rights by attending the General Meetings, and that the General Meetings become an active arena for meetings between the Board and the shareholders by inter alia: - Ensuring that at all times a member of the Board attends the General Meetings. - Posing the summons together with the agenda and all documents pertaining to each matter on the agenda on the Company’s website not later than 21 days prior to the date of the meeting (except when otherwise decided by the General Meeting, cf NCA section 5-11b) irrespective of whether the Company also resolves to summon the meeting by way of other forms of communication ref § 7 in the Company’s articles of association. - Posing in the same manner on the website information and any forms required to be used in order to vote by proxy or by letter, unless such forms have been submitted directly to each shareholder. - Ensuring that the shareholders are adequately informed about their right to vote by proxy and of the procedures to be observed in doing so. - Ensuring that the summons, the documents and any further supporting material are suﬀiciently detailed and comprehensive in order for the shareholders to understand and form an opinion on the matters at hand. - Ensuring that the summons specify that any shareholder wishing to attend the General Meeting must notify the Company within a certain time limit stated in the notice, which must not expire earlier than five days before the General Meeting, ref § 8 in the Company’s articles of association. Shareholders failing to notify the company within the specified time limit may be denied access to the General Meeting. The Company will publish the minutes from General Meetings as an Oslo Stock Exchange notice and on its website immediately or as soon as possible aﬅer the meeting and will also keep them available for inspection at the Company’s oﬀices. The Board will not make contact with shareholders of the Company outside the General Meeting in a way that may unfairly discriminate between the shareholders or infringe on any applicable laws or regulations. 12 CHANGE OF CONTROL, TAKEOVERS 12.1 General The shares in Oceanteam are freely transferable, and the Company shall not establish any mechanisms that may hinder a takeover or deter takeover-bids, unless this has been resolved in a General Meeting by a two- third majority of votes cast and share capital represented. However, the Board may, in the case of a takeover-bid, take such actions that evidently are in the best interest of the shareholders, such as, inter alia, advising the shareholders in the assessment of the bid and, if appropriate, seeking to find a competing bidder (“white knight”), always provided that the

Oceanteam Annual Report 2022 13 Board should not hinder or obstruct any take-over bids for the Company’s activities or shares. In the event of a take-over bid for the Company’s activities or shares, the Board has a particular responsibility to ensure that shareholders are given suﬀicient information and time to form a view on the oﬀer. The Company’s Board shall issue a statement including a recommendation as to whether shareholders should accept the oﬀer. If the Board finds itself unable to give a recommendation to shareholders, it shall explain the background for not making such a recommendation. The Board’s statement on a bid shall make it clear whether the views expressed are unanimous, and if this is not the case it shall explain the basis on which specific members of the Board have excluded themselves from the Board’s statement. The Board shall arrange a valuation from an independent expert. The valuation shall be published and explained at the latest at the same time as the Board’s statement. 12.2 Overview of Norwegian statutory provisions on takeovers 12.2.1 Voluntary oﬀer An oﬀer to acquire shares in Oceanteam which, if accepted, triggers an obligation to put forward a mandatory oﬀer must be made in an oﬀer document and according to the requirements for voluntary oﬀers set forth in the STA. 12.2.2 Mandatory oﬀer Subject to certain exceptions, a mandatory oﬀer has to be made in the event an acquirer (together with any concert parties) acquires more than 33 %, 40% or 50% of the voting shares in the Company. The requirement to make a mandatory oﬀer is triggered when a purchaser becomes the owner of such percentage of the shares. A mandatory oﬀer must be made within four weeks aﬅer the threshold was passed. The only alternative to a mandatory oﬀer at such stage is to sell a suﬀicient number of shares to fall below the relevant threshold. All shareholders must be treated equally and the price to be paid is the higher of (i) the highest price paid by the purchaser during the last six months, and (ii) the market price when the obligation to make the mandatory oﬀer was triggered. The oﬀer must be made in cash or contain a cash alternative at least equal in value to any non-cash oﬀer. 12.2.3 Compulsory Acquisition (“Squeeze out”) Compulsory acquisition of the remaining shares may be initiated by a shareholder who holds more than 90 % of the shares and voting rights. The acquisition is initiated through a Board decision of the shareholder and payment of the price oﬀered. Failing agreement between the parties, the price shall be determined through a valuation by the court, but the acquirer will obtain title to the shares immediately. C. CORPORATE GOVERNANCE DEVIATIONS Oceanteam ASA (“Oceanteam” or the “Company”) adopted an updated Corporate Governance Policy in 2020 (the “Policy”) which outlines the Company’s governing principles in accordance with applicable laws and regulations, as well as the Norwegian Code of Practice for Corporate Governance dated 17 October 2018 (the “Code”). The Company has assessed its Policy for compliance with the Code which resulted in the amended Policy adopted on 3 April 2020. Oceanteam’s board of directors actively adheres to good corporate governance standards and ensures at all times that the Company complies with the applicable corporate governance principles or explains possible deviations therefrom. In relation to the above, the Company’s corporate governance principles comply with the Code, with the following exceptions: • Nomination Committee (Section 7 of the Code and Section 3.4 of the Policy) The Company has not appointed a nomination committee, as in the Company’s opinion, it is a costly arrangement, considering the size of the Company, therefore the Company has chosen to deviate from the Code, acting in accordance with section 3.4 of the Policy. • Remuneration of Directors and Management (Section 11 of the Code and Section 4 of the Policy). The Policy contains deviating arrangement from Section 11 of the Code the Company may enter into an agreement with a member of the board which is subject to approval of the General Meeting • Equal Treatment of Shareholders and transactions with close associates (Section 4 of the Code and Section 6.2 of the Policy) The Company has implemented appropriate measures to identify and record such transactions with related parties with the aim to ensure that all material related party transactions have been disclosed to all shareholders through shareholder meetings and in the annual accounts, and that all such transactions have been made at arm’s length. All employees are required to annually disclose their related parties. In addition, all employees and contractors are required to attend training and confirm their adherence with the Company’s Code of Ethics, which is also applicable for Company’s associates, contractors and agents. Remuneration of Directors The Company deems it beneficial that the directors have aligned interests with the Company’s shareholders and other stakeholders. Therefore, the Company may choose to remunerate Board members through performance-based remuneration schemes such as options. The Company has therefore chosen to deviate from section 11 of the Code as stipulated in Section 4.1 of the Policy, however, as per the date of this financial report no such schemes have been implemented. • Board of directors composition and independence (Section 8 of the code and 3.3.2 of the policy) As of April 2023, the company deviates from section 8 of the code and 3.3.2 of the policy as only one of the members of the board elected by shareholders is independent of the company’s major shareholders. The board of directors of the Company consider the direct involvement and alignment of major shareholders as crucial during the transitional phase the company is currently in.

Oceanteam Annual Report 2022 18 Consolidated cash flow statement GROUP USD ‘000 Notes 2022 2021 Ordinary profit / (loss) before taxes (1.209) (1.432) Net finance costs 285 230 Interest received 13 - Interest paid (210) (253) Depreciation and amortisation 5, 12 1 1 Tax paid 13 - - Net income of associates 26 - - Write oﬀ assets 5, 12 - - Change in trade receivables 14 78 8 Change in other receivables 14 (1) 105 Change in trade payables 19 (12) (350) Change in other accruals 19 (108) 452 Change in balances with discontinued operations 1.041 2.776 Net cash flow from operating activities (123) 1.537 Cash out due to investments 12 (5) - Cash in due to disposals - - Net cash flow from investing activities (5) - Increase / (decrease) in overdraﬅ facility 18 - - Net cash flow from financing activities - - Cash flows from discontinued operations Net cash outflow from operating activities 11 (1.098) (9.063) Net cash outflow from financing activities 11 - (22.195) Net cash inflow from investing activities 11 33 29.282 Net increase / (decrease) in cash from discontinued operations (1.065) (1.976) Cash classified to held for sale (53) - Net change in cash and equivalents (1.246) (440) Cash and equivalents at start of period 2.751 3.191 Cash and equivalents at end of period 1.505 2.751

Oceanteam Annual Report 2022 20 9. NOTES FINANCIAL STATEMENTS GROUP Note 1. Corporate information Oceanteam is an investment platform for marine and oﬀshore assets with particular focus on the energy transition. Oceanteam Solutions is an independent oﬀshore cable-services provider. With an asset-base of carousels, loading towers, tensioners and other ancillary equipment as well as a large team of competent cable handling crew, Oceanteam Solutions supports the marine cable industry with a variety of services such as short- and long-haul cable transport, cable storage and handling on a global basis. Oceanteam is Lloyd’s ISO certified. Oceanteam has an oﬀice in Velsen, the Netherlands. The corporate headquarters is in Baerum, Norway. The Company is a public limited company incorporated and domiciled in Norway. The address of its registered oﬀice is Strandveien 15, 1366 Lysaker, Baerum, Norway. The Company is listed on the Oslo Stock Exchange and is traded under the ticker code “OTS”. The consolidated financial statements were authorised for issue by the Board of Directors on 5 April 2023 and are based on the assumption of going concern. The Group annual accounts consist of the Parent company Oceanteam ASA with its subsidiaries, joint venture companies and associated companies. Note 2. Summary of significant accounting policies 2.1 Basis of preparation The group accounts for Oceanteam ASA are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the Norwegian Accounting Act § 3-9. The Group’s financial statements are based on the principle of historical cost of acquisitions, construction or production. The financial year follows the calendar year. The group was established on 5 October 2005. The preparation of financial statements, which are in conformity with IFRS, requires the use of certain accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. IFRSs and IFRICs eﬀective for annual periods beginning on 1 January 2022 Oceanteam ASA has not implemented any new standards with eﬀect from 1 January 2022. IFRSs and IFRICs issued but not yet eﬀective The following standards, interpretations and amendments were issued before the issuance of the company’s financial statements. • IFRS 17 and IFRS 17 amendments, regarding Insurance contracts - Eﬀective date 1 January 2023 • IAS 8 amendments, regarding accounting estimates - Eﬀective date 1 January 2023 • IAS 12 amendments, regarding how companies account for deferred tax - Eﬀective date 1 January 2023 • IAS 1 amendments, regarding classification of current and non-current liabilities and disclosure of accounting policies - Eﬀective date 1 January 2023 These are not expected to have a significant impact on the Group’s consolidated financial statements.

Oceanteam Annual Report 2022 21 2.2 Basis of consolidation A) Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in the Consolidated statement of profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Contingent consideration is measured at net present value and regulated quarterly using a discount rate similar to WACC. B) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to aﬀect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. C) Non-controlling interests NCI and related goodwill is measured at their share of fair value. Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions. NCI Investments and related goodwill are assessed for impairments quarterly and tested for impairment annually. D) Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in the Consolidated statement of profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. E) Interests in equity-accounted investees The Group’s interests in equity-accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are those arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and OCI of equity-accounted investees, until the date on which significant influence or joint control ceases. F) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. 2.3 Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating results are reviewed regularly by the Group’s Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available. Segment results that are reported to the Board of Directors include items directly attributable to a segment as well as those that

Oceanteam Annual Report 2022 22 can be allocated on a reasonable basis. Unallocated items comprise mainly group administrative expenses, head oﬀice expenses, and income tax assets and liabilities. The oﬀshore shipping operations and solutions driven services, including equipment rental, are reported in two diﬀerent segments. For more information, please refer to note 5. 2.4 Foreign currency translation (a) Functional and reporting currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in USD, which is the functional currency of the parent company. (b) Transactions and balances Transactions in foreign currencies are translated into the respective functional currencies of Group companies. Transactions are recognized at the transaction date exchange rate. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate on the reporting date. Foreign currency diﬀerences are generally recognised in profit or loss. Non-monetary items at historical cost are translated, but at the rate at the date of the transaction (they are not re-translated) (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyper inflationary economy) that have a functional currency diﬀerent from the presentation currency are translated into the presentation currency as follows: (a) Assets and liabilities are translated at the closing rate at the date of that statement of financial position. (b) Income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative eﬀect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). (c) All resulting exchange diﬀerences are recognised as a separate component of other comprehensive income. Translation diﬀerences that are related to NCI are allocated to NCI. On consolidation, exchange diﬀerences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders equity. When a foreign operation is partially disposed of or sold, exchange diﬀerences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. These consolidated financial statements are presented in USD. All financial information presented in USD has been rounded to the nearest thousand. 2.5 Non-current assets – Property Plant and Equipment A) Recognition and Measurement Construction Support Vessels (CSVs) and Machinery – Principles applied The CSV’s and machinery are accounted for under the cost model. They are initially recognised at cost, including all costs necessary to bring the assets to their working condition for intended use. Under the cost model the assets are carried at cost less accumulated depreciation and impairment. On a recurring basis, the CSV’s and machinery are investigated for indications of impairment, and at a minimum every year an

Oceanteam Annual Report 2022 23 impairment test is performed, comparing the carrying amount with the recoverable amount (higher of fair value less costs of disposal and value in use). Other Tangible Fixed Assets – Principles applied All other tangible fixed assets are initially recognised at acquisition cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. Components of cost Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use. Purchased soﬅware that is integral to the functionality of the related equipment is capitalised as part of that equipment. B) Subsequent Expenditure Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. C) Depreciation Depreciation is calculated using the straight line method to allocate their cost, less their residual values, over their estimated useful lives, as follows • CSV vessels 25 years • CSV vessels dry dock additions 5 years • Fast Support Vessels 15 years • Machinery and equipment 10–15 years • Furniture, fittings and equipment 3–8 years The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. D) Disposal Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within other (losses)/gains – net, in the income statement. E) Component accounting When an item of a vessel, plant and equipment comprises individual components for which diﬀerent depreciation methods or rates are appropriate, each component is depreciated separately. A separate component may be either a physical component, or a non- physical component that represents a major inspection or overhaul. An item of vessel, plant and equipment will be separated into parts (“components”) when those parts are significant in relation to the total cost of the item. F) Impairment Non-financial assets that are subject to depreciation are tested for impairment according to IAS 36 whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset if it generates cash inflows that are largely independent of those from other assets or group of assets. An impairment loss is recognized for the amount by which the assets or CGU’s carrying amount value (net book value) exceeds its recoverable amount.

Oceanteam Annual Report 2022 24 In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money, and risks specific to the asset. 2.6 Trade and other receivables Trade receivables are initially measured at their transaction price (as defined in IFRS 15). Other receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, both trade receivables and other receivables are measured at amortized cost. IFRS 9 ‘Financial Instruments’ requires the use of an expected credit loss impairment model and requires the Group to record allowances for expected credit losses. For trade receivables (with no significant financing component) expected credit losses are measured at an amount equal to the lifetime expected credit losses. For lease receivables, in scope of IFRS 16, Oceanteam has chosen to measure expected credit losses equal to the lifetime expected credit losses. 2.7 Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less. Bank overdraﬅs are shown within borrowings in current liabilities in the statement of financial position. 2.8 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any group company purchases the Company’s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company’s equity holders until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received (net of any directly attributable incremental transaction costs and the related income tax eﬀects) is included in equity attributable to the Company’s equity holders. 2.9 Trade payables Trade payables are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the eﬀective interest method. 2.10 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any diﬀerence between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the eﬀective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months aﬅer the date of statement of financial position. Borrowing costs are capitalised to the extent that they are directly attributable to the purchase, construction or production of a non-current asset. Borrowing costs are capitalised when the interest costs are incurred during the noncurrent asset’s construction period. The borrowing costs are capitalised until the date when the non-current asset is ready for use. If the cost price exceeds the recoverable amount, an impairment loss is recognised. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Oceanteam Annual Report 2022 25 2.11 Tax (a) Taxes Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised using the balance sheet method, providing for temporary diﬀerences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary diﬀerences: • the initial recognition of assets or liabilities in a transaction that is not a business combination and that aﬀects neither accounting nor taxable profit. • diﬀerences relating to investments in subsidiaries and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary diﬀerences and it is probable that they will not reverse in the foreseeable future. • taxable temporary diﬀerences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary diﬀerences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are oﬀset if there is a legally enforceable right to oﬀset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on diﬀerent tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognised to the extent that it is more likely than not that future taxable profit will be available against which the temporary diﬀerence can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. When an entity has a history of recent losses, the entity recognises a deferred tax asset arising from unused tax losses or tax credits only to the extent that the entity has suﬀicient taxable temporary diﬀerences or there is convincing other evidence that suﬀicient taxable profit will be available against which the unused tax losses or unused tax credits can be utilised by the entity. Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend is recognised. (b) Shipping activities The shipping activities have operated in several countries and under diﬀerent tax schemes, including the ordinary tax system in Norway and the Norwegian tonnage tax system. In addition, we operate under local tax systems in various countries. Our onshore activities are generally subject to the ordinary corporate tax rates within the country in which the activities are located. The variation in the tax systems and rates may cause tax costs to vary significantly depending on the country in which profits are accumulated and taxed. The Group’s taxes include taxes of Group companies based on taxable profit for the financial period, together with tax adjustments for previous periods and the change in deferred taxes. Tax credits arising from subsidiaries’ distribution of dividends are deducted from tax expenses. Companies taxed under special tax shipping tax systems will generally not be taxed on their net operating profit from the approved shipping activities. A portion of net financial income and other non-shipping activities are normally taxed at the ordinary applicable tax rate. Taxation under shipping tax regimes requires compliance to certain requirements, and breach of these requirements could lead to forced exit of the regime. A forced exit of the Norwegian shipping tax system can lead to accelerated tax payments. Tax payable and deferred taxes are recognised directly in equity to the extent that they relate to factors that are recognised directly in equity.

Oceanteam Annual Report 2022 26 2.12 Employee benefits Pension obligations The Group has a defined contribution plan. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The obligations for contributions to defined contribution plans are expensed as the related service is provided. The defined contribution plan complies with the applicable requirements. 2.13 Provisions Provisions for environmental restoration, restructuring costs and legal claims are recognised when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Restructuring provisions comprise lease termination penalties and employee termination payments. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. 2.14 Revenue recognition Oceanteam’s business consisted of engineering services consisting of both engineering and design services and equipment rental to support our clients (Solutions Segment) which has been discontinued. Oceanteam owned, chartered and managed deep-water oﬀshore construction support vessel (Shipping Segment) which has also been discontinued. Project revenue is based on operations where Oceanteam utilises its vessels, equipment and personnel to perform services for our clients. Under IFRS 15 ‘Revenue from Contracts with Customers’ revenue is recognised when separate performance obligations are satisfied. When performance obligations are satisfied at a future point in time, costs incurred relating to the performance obligations are deferred and recognised as assets in the consolidated statement of financial position. The costs incurred are expensed in line with the satisfaction of the performance obligation. The Groups’ revenue streams have been categorised into the following types: Hire income, Crewing, Mobilisation fee income and Management fee income. a) Shipping revenues Time charter agreements are considered to contain both a service component and a lease component. The service component covering crew and operational costs. The lease component, being the hire of the vessel on a bareboat basis. The service component is within the scope of IFRS 15, while the bareboat component is within the scope of IFRS 16 ‘Leases’. The service components of the agreements are reviewed to identify the performance obligations within the contract. If there is more than one performance obligation, the contract price is disaggregated. Separate transaction prices determined and allocated to the separate performance obligations. Revenue is recognised when separate performance obligations are satisfied. The performance obligation of manning and operating the vessels on a continues basis leads to the satisfying of the performance obligation over time as the provision of the service by Oceanteam is received and consumed by the customer simultaneously. The service component is recognised as revenue on a straight-line basis. The performance obligation of mobilisation of vessels is recognised at a point in time. This performance obligation is considered satisfied when the vessel is delivered to the designated location and ready to begin operations. Bareboat charter agreements, which meet the definition of leases per IFRS 16, are considered to fall in their entirety under IFRS 16. (see note 2.16)

Oceanteam Annual Report 2022 27 b) Solutions revenues Oceanteam’s solutions contracts with customers consist of equipment lease contracts, service contracts and contracts which contain elements of both leasing arrangements and provision of services. Standalone service contracts and the component of contracts which relate to services are within the scope of IFRS 15. The service contracts and service component of contracts are reviewed to identify the performance obligations within the contract. If there is more than one performance obligation, the contract price is disaggregated. Separate transaction prices determined and allocated to the separate performance obligations. Revenue is recognised when separate performance obligations are satisfied. The performance obligation of manning and operating the equipment on a continues basis leads to the satisfying of the performance obligation over time as the provision of the service by Oceanteam is received and consumed by the customer simultaneously. The service component is recognised as revenue on a straight line basis. The performance obligation of mobilisation / demobilisation of equipment is recognised at a point in time. This performance obligation is considered satisfied when the equipment is delivered to the designated location and ready to begin operations. Standalone lease contracts and components of contracts which relate to leases, and meet the definition of leases per IFRS 16 are within the scope of IFRS 16. (see note 2.16) 2.15 Dividend distribution Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial statements in the period in which the dividends are approved by the Company’s shareholders. Financial covenants may restrict the possibility to distribute dividends. 2.16 Financial and operating leasing (i) The Group as a lessee All leases are recognised in the statement of financial position as a ‘right of use’ asset and a financial liability. There are exceptions to this recognition principle for leases where the underlying asset is of low value and for leases classified as short-term in nature (less than one year). For leases falling under these exemptions, lease payments are expensed on a straight- line basis. (ii) The Group as a lessor Lessors account for leases as either operating or finance leases depending on whether the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset. Finance leases Assets leased to others are presented as receivables equal to the net investment in the leases. The Group’s financial income is determined such that a constant rate of return is achieved on outstanding receivables during the contract period. Direct costs incurred in connection with establishing the lease are included in the receivable. Oceanteam is not the lessor to any finance leases. Operating leases Oceanteam presents assets it has leased to others as non-current assets in the statement of financial position. The rental income is recognised as revenue on a straight line basis over the term of the lease. Direct costs incurred in establishing the operating lease are included in the leased asset’s carrying amount and are expensed over the term of the lease on the same basis as the rental income. The hire of Oceanteam’s vessels on a bareboat basis and the hire of Oceanteam’s equipment are treated as operating leases.

Oceanteam Annual Report 2022 28 2.17 Financial instruments Under IFRS 9 financial instruments are classified under one of three diﬀerent measurement models. These being amortised cost, fair value through profit and loss and fair value through other comprehensive income. Classification and measurement of financial assets is determined based on both: • the entity’s business model for managing the financial assets • the contractual cash flow characteristics of the financial asset. Financial liabilities are classified and measured at fair value through profit and loss when they meet the definition of held for trading or when they are designated as such on initial recognition. Otherwise, financial liabilities are measured at amortised cost. All financial assets and liabilities are initially measured at fair value net of transaction costs, with the exception of those classified as fair value through profit or loss and trade receivables which are measured at their transaction price (as defined in IFRS 15). Oceanteam’s financial assets include cash, trade receivables and other receivables. Oceanteam’s financial liabilities include borrowings, trade payables and other current liabilities. These are all measured at amortised cost. 2.18 Discontinued Operations A discontinued operation is a component of the consolidated entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately on the face of the statement of profit or loss and other comprehensive income. 2.19 Assets held for sale A non-current asset or disposal group is classified as held for sale if its carrying amount will be recovered principally through a sale transaction instead of through continuing use. Assets held for sale are measured at the lower of the carrying amount and fair value less costs to sell. Depreciation of an asset ceases when it is held for sale. Assets classified as held for sale and the assets and liabilities included within a disposal group are separately presented in the statement of financial position.

Oceanteam Annual Report 2022 29 Note 3. Financial risk management During 2022 and 2023 the following key events aﬀected the financial risk of Oceanteam: In December 2022, Oceanteam signed a share purchase agreement for the sale of the entire Solutions segment. Completion of the transaction was conditional on approval by an extraordinary general meeting of Oceanteam ASA. The general meeting approved the sale on 9 January 2023. The company that was sold was Oceanteam II B.V. Oceanteam II B.V. is the holding company that owns 100% of the shares in Oceanteam Cable Solutions B.V. (formerly named Oceanteam Shipping B.V.). Following an intercompany asset sale between RentOcean B.V. and Oceanteam Cable Solutions B.V., Oceanteam Cable Solutions B.V. owns all the carousels, tensioners and other ancillary cable handling equipment. As at 31 December 2022, Oceanteam II B.V. and Oceanteam Cable Solutions B.V. are fully consolidated subsidiaries. Both of the companies’ assets and liabilities are classified as held for sale per 31 December 2022. Following the reclassification of the equipment to ‘assets held for sale’, these assets have been measured at the lower of their carrying value and fair value, less costs to sell. The fair value less costs to sell has been determined by using the sale price of the Oceanteam Solutions segment. This has resulted in an impairment of USD 5.647 million being recognised in 2022. The result of Oceanteam II B.V. and Oceanteam Cable Solutions B.V. has been classified as discontinuing operations. In addition, the depreciation of the equipment within RentOcean B.V. has been classified under discontinuing operations. The sale proceeds of EUR 5.2 million were received by Oceanteam ASA in January 2023. USD 3 million of the proceeds were used to repay the shareholder loans from Stichting Value Partners Family Oﬀice and Corinvest B.V. in full in January 2023. As a result of the transaction and loan repayments, Oceanteam ASA’s cash position has increased by approximately USD 2 million. Oceanteam ASA has provided various customary warranties and indemnities to the buyers of Oceanteam II B.V. with a maximum liability capped at the amount of consideration of EUR 5.2 million. (A) CREDIT RISK Credit risk is the risk of financial loss to the Group if a customer or other counterpart to a financial instrument fails to meet its contractual obligations. Such loss would arise principally from the Group’s trade receivables with its clients and through financial guarantees provided. The Group’s customers have historically been large companies with high credit ratings. Shipping segment (Discontinued Operations) At the year-end, there were no trade receivables within the Shipping segment. The loan from Oceanteam Bourbon 4 AS to Oceanteam Bourbon 101 AS had a carrying value, aﬅer deducting the provision for expected credit losses, of USD 1.1 million. This amount will be repaid when the companies are liquidated which is expected to take place in Q2 2023. As at 31 December 2022, Oceanteam Bourbon 101 AS has negative equity of USD 8.3 million. Oceanteam Bourbon 4 AS has reflected this by recognising the USD 8.4 million provision for expected credit losses. As at 31 December 2022, Oceanteam Bourbon 4 AS has positive equity of USD 2.3 million. The liquidation of the two companies is expected to result in a significant liquidation dividend. Oceanteam Mexico SA de CV still owns two Fast Support Vessels (FSVs), Tiburon II and Mantarraya II, which are on a long- term bareboat charter to a charterer however are laid up in Venezuela. In 2017 Oceanteam unsuccessfully attempted to regain possession of the vessels through legal proceedings. No attempts to regain the vessels has been initiated in 2022. Due to the uncertain political situation and the unreliability of the judicial process, the total value of the assets was written oﬀ in previous years.

Oceanteam Annual Report 2022 30 Solutions segment (Discontinued Operations) At the year-end, trade receivables from the Solutions segment are included within assets held for sale. The exposure to credit risk depends on the individual characteristics of each customer. Before projects are in tendering phase and awarded, the Group performs full credit assessments on its existing and future customers. Geographically the credit risk for the Solutions segment can be divided into activities in European countries and with an approximate number of 10 customers. Customers within the Solutions segment are in the renewable oﬀshore industry. For the Solutions segment, most outstanding trade receivables per year end of USD 0.2 million have been received in 2023. The need for bank guarantees, parent company guarantees, and pre-payments are considered on an individual basis project by project. As at 31 December 2022, no provisions for expected credit losses have been made. Oceanteam ASA As at 31 December 2022, Oceanteam ASA had trade receivables outstanding of USD 37 000. These have been paid in full in 2023. Oceanteam Group The Group’s allowance for expected credit losses is determined based on lifetime expected credit losses. (B) LIQUIDITY RISK Liquidity risk relates to the ability to meet financial obligations as they fall due. As at 31 December 2022, Oceanteam has financial obligations due to major shareholders in respect of loans provided and to vendors. At the end of 2022, the balance of secured debt is USD 3 million. There is USD 0.07 million in trade payables and USD 0.3 million in other current liabilities. Obligations to vendors are mostly smaller in size and across a larger number of vendors. The liquidity risk can be divided into short-term, medium-term, and long-term risks. Following the large cash inflow from the sale of Solutions and subsequent repayment of the shareholder loans, Oceanteam has significant cash reserves, no debt and limited ongoing costs. Liquidity risk in the short and medium term is considered extremely low. Until Oceanteam completes a merger or acquisition, it will have cash outflows that are in excess of cash inflows. Even though these cash outflows are not significant in relation to the amount of cash reserves, in the long term, the company must secure new business and cash inflows in order to remain a going concern. The operations of the Mexican oﬀice have been closed. Both the Tiburon II and Mantarraya II are laid up in Venezuela and subject to charges due to vendor claims. Within Oceanteam Bourbon 4 AS, which is fully consolidated, as at 31 December 2022, there was cash of USD 0.03 million and no loan debt. At the balance sheet date, the Group had a cash position of USD 1.5 million. Future cash flows and going concern Oceanteam prepares and reviews detailed future cash flow forecasts for the group on a constant rolling basis. The 12-month forecast from April 2023 to April 2024 has been reviewed and the underlying key assumptions evaluated in determining that the group is a going concern. . (C) MARKET RISK Market risk includes risk due to fluctuations in oil prices, energy prices, political, economic risk and other uncertainties, increased competition and risk of war, other armed conflicts, and terrorist attacks. The financial climate has an impact on projects in both the oil and gas and renewable energy industries.

Oceanteam Annual Report 2022 32 Note 5. Operating segments The Group has three operating segments, Oceanteam Shipping, Oceanteam Solutions and Oceanteam ASA. Both Oceanteam Shipping and Oceanteam Solutions are classified under discontinuing operations. See note 11 for further details. Oceanteam ASA has been retrospectively classified under its own operating segment. Oceanteam’s chief operating decision maker now reviews Oceanteam ASA’s operating results independent of Oceanteam Shipping and Oceanteam Solutions. The Shipping segment consisted of two CSV vessels that were sold (CSV Southern Ocean in April 2021 and CSV BO 101 in July 2021). CSV BO 101 was consolidated according to equity method, while the other CSV vessel, CSV Southern Ocean, was fully consolidated prior to its sale. The Solutions segment consisted of equipment for cable laying. In January 2023, Oceanteam II B.V. that is the 100% owner of Oceanteam Cable Solutions B.V. that is the owner of all the equipment, was sold. Oceanteam ASA provides management services to Oceanteam group companies. There is no diﬀerence between the accounting policies of the reportable segments or between the reporting segments and the group. The following summary describes the operations in each of the Group’s reportable segments: Oceanteam Shipping & Solutions Oceanteam ASA TOTAL USD ‘000 2022 2021 2022 2021 2022 2021 Revenue - - 60 256 60 256 Net income from associates/joint ventures - - - - - - Operating costs - - - - - - Personnel costs - - (589) (995) (589) (995) General & administration - - (394) (502) (394) (502) EBITDA - - (924) (1.241) (924) (1.241) Depreciation and Amortisation - - (1) (1) (1) (1) Write oﬀ / Reversal of impairment - - - 40 - 40 Reportable segment operating profit / (loss) - - (924) (1.202) (924) (1.202) Financial income - 13 - 13 - Financial expense - - (213) (217) (213) (217) Foreign exchange gain / (loss) - - (86) (14) (86) (14) Net finance - - (285) (230) (285) (230) Pre-tax profit / (loss) - - (1.209) (1.432) (1.209) (1.432) Tax expense - - - - - - Net result from continuing operations - - (1.209) (1.432) (1.209) (1.432) Net result from discontinuing operations (7.034) (1.694) - - (7.034) (1.694) Net result for the period (7.034) (1.694) (1.209) (1.432) (8.244) (3.126) Information on the reportable assets and liabilities is not reviewed by the Group’s CEO (the chief operating decision maker). On this basis and given this disclosure information is not considered material, this information has not been disclosed.

Oceanteam Annual Report 2022 36 Note 8. Personnel cost USD ‘000 Personnel cost 2022 2021 Salary 257 376 Pensions 25 42 Social security cost 32 40 Insurance 8 14 Directors fees 102 119 Contractors fees 220 369 Other costs 6 445 Total 649 1.406 Relating to: 2022 2021 Continuing operations 589 995 Discontinued Operations 60 411 Total 649 1.406 Number of man-years employed over the financial year 3 3 Contractor fees are related to external consultants and temporary employees supporting the Group’s operations. USD ‘000 Management remuneration Board Wages / Pension Other 2022 Position fees Fees premiums remuneration Total Kornelis Jan Willem Cordia Chairman 42 - - - 42 Karin Antoinette Yvonne Govaert Director 35 - - - 35 Hans Reinigert CEO - 219 - - 219 Ben de Jong CFO - 160 26 - 186 Jacob Johannes van Heijst Director (from April 2022) 25 - - - 25 Total 102 380 26 - 507 Management remuneration Board Wages / Pension Other 2021 Position fees Fees premiums remuneration Total Henk van den IJssel CEO (until July 2021) - 397 14 - 411 Kornelis Jan Willem Cordia Chairman 47 - - - 47 Karin Antoinette Yvonne Govaert Director 39 96 - - 135 Hans Reinigert Director (until Nov 2021), CEO 33 126 - - 159 Hendrik Hazenoot Interim CFO / CEO (Until Nov 2021) - 144 - - 144 Ben de Jong CFO (from Aug 2021) - 190 31 - 220 Total 119 952 45 - 1.115 For the year 2022, the agreed annual fee for the chairman of the board is NOK 400.000 and NOK 337.500 for the other members of the board (including NOK 37.500 for audit committee fees). Kornelis Jan Willem Cordia, chairman of the board, received board fees of NOK 400.000 (USD 41.588) in 2022. Director, Karin Antoinette Yvonne Govaert received board fees of NOK 337.500 (USD 35.090). Jacob Johannes van Heijst was appointed member of the board on 4 April 2022. He received board fees of NOK 250.313 (USD 25.148)

Oceanteam Annual Report 2022 37 Hans Renigert, fromer CEO, had a service agreement through Merlion Nederland B.V. The service fee was EUR 16.000 per month. In 2022, fees of EUR 192.000 (USD 201.597), which attracted non-deductible VAT of EUR 16.976 (USD 17.760), have been charged in respect of his CEO services. As at 31 December 2022, Oceanteam had no obligation to pay special compensation upon termination of, or change to, the CEO’s employment. As at 31 December 2022, Oceanteam had not recognized any liabilities in respect of severance pay or bonuses to the CEO. As at 31 December 2022, Oceanteam had no obligation to pay special compensation upon termination of, or change to, the chairman’s appointment. As at 31 December 2022, there were no agreements between Oceanteam and the chairman providing for bonuses, profit sharing, options or similar benefits. No expenses or liabilities have been recognized in 2022. In 2022, Ben de Jong, CFO, received a salary EUR 141.520 (USD 148.404) which attracted a holiday allowance at 8% totalling EUR 11.322 (USD 11.872). On 31 December 2022, Ben de Jong, CFO, entered into a settlement agreement with Oceanteam ASA’s fully owned subsidiary RentOcean B.V. The settlement agreement states that on 1 July 2023, Ben de Jong’s employment agreement will terminate. Upon termination of the employment agreement, Ben de Jong will receive a severance payment of EUR 77 371. If Ben de Jong remains employed until 1 July 2023 and the employment contract does not end in any other way than on the basis of the settlement agreement, then he will receive additional compensation of EUR 23 880. If it is mutually agreed that his employment agreement will continue aﬅer 1 July 2023, no rights can be derived from the settlement agreement. If it is agreed that the employment agreement is continued aﬅer 1 July 2023 for a lower number of working hours per week, the severance payment will be paid pro rata in proportion to the reduction of working hours with the additional compensation still being paid in full. Refer to note 20 for the year-end balances of related parties. The incentive scheme throughout the group is given at the discretion of the board and CEO. The CEO makes a proposal to the board for diﬀerent incentives for the employees of the company. There is no share incentive program. There have not been given any loans, advance payments and security by the Company or other companies in the group to the individual senior executives or the individual members of the board of directors, audit committee or other elected corporate bodies. Other than mentioned above, there has not been any remuneration, pension’s plans or other benefits to members of the audit committee or other elected corporate bodies. Liability insurance has been taken out for the Directors and Oﬀicers for their possible liability to the company and third parties. The main principles for the Company’s executive management salary policy is that executive management shall be oﬀered terms that are competitive when salary, payment in kind, bonus, share options and pension scheme are considered as a whole. The Board may at its sole discretion, grant performance related incentive to employees. The incentive cannot exceed one year’s annual salary unless the Board decides otherwise and substantiates such decision. The Board may develop incentive schemes for the Group in order to align the motivation goals of personnel with that of the Company and enhance the value creation capacity for the shareholders by enhancing the Company’s ability to attract, retain and motivate employees who are expected to make important contributions to the Company. By providing such persons with performance-based incentives, the Company aligns the interests of such persons with those of the Company’s shareholders.

Oceanteam Annual Report 2022 38 Note 9. Auditor’s fee Auditor’s fee consists of the following: USD ‘000 2022 2021 Statutory audit 146 181 Other assurance services 5 4 Tax advisory 2 2 Other 5 - Total 158 186 Relating to: 2022 2021 Continuing operations 117 128 Discontinued Operations 41 58 Total 158 186 Claimable VAT is not included in the auditor’s fee. Note 10. Financial income and financial expenses USD ‘000 2022 2021 Bank Interest income 13 - Foreign exchange gain/loss (86) (14) Interest expense (213) (217) Other financial expense - - Net finance (285) (230) Note 11. Discontinued operations and assets held for sale Shipping Segment Oceanteam Bourbon 4 AS’s main asset, CSV Southern Ocean, was sold in April 2021. Oceanteam Bourbon 4 AS purchased Oceanteam Bourbon Investments AS’s main asset, a crane, in March 2021 which it sold along with CSV Southern Ocean. In May 2021, an agreement was reached to sell Oceanteam Bourbon 101 AS’s main asset, CSV Bourbon Oceanteam 101 (CSV BO 101). The vessel was delivered to the new owner in July 2021. Oceanteam Bourbon Investments was liquidated in December 2021. Oceanteam and the co-owner, Bourbon Offshore Norway Holding AS, intend on liquidating Oceanteam Bourbon 101 AS and Oceanteam Bourbon 4 AS in 2023. Oceanteam Bourbon 4 AS is a fully consolidated subsidiary whereas Oceanteam Bourbon 101 AS and Oceanteam Bourbon Investments AS are equity accounted for. All three companies have been classified as discontinuing operations. All three companies are within and represent Oceanteam’s shipping Segment.

Oceanteam Annual Report 2022 39 Oceanteam Bourbon 4 AS USD’000 Financial performance of discontinued operation 2022 2021 Operating income (46) 3.500 Operating costs (71) (2.900) Personnel costs (60) (341) Net finance costs 340 (211) Provision for expected credit loss expense (373) (1.850) Loss before tax (210) (1.801) Tax on ordinary result - 200 Loss after tax (210) (1.601) IFRS 16 adjustment - 23 Net loss (210) (1.578) Oceanteam Bourbon 101 AS and Oceanteam Bourbon Investments AS USD’000 Financial performance of discontinued operation 2022 2021 Oceanteam Bourbon 101 AS - - Oceanteam Bourbon Investments AS - 3 Income from associates and joint ventures - 3 Profit / (loss) before taxes from discontinued operations (210) (1.574) Solutions Segment In December 2022, Oceanteam signed a share purchase agreement for the sale of the entire Solutions segment. Completion of the transaction was conditional on approval by an extraordinary general meeting. The general meeting approved the sale on 9 January 2023. The company that was sold was Oceanteam II B.V. Oceanteam II B.V. is the holding company that owns 100% of the shares in Oceanteam Cable Solutions B.V. (formerly named Oceanteam Shipping B.V.). Following an intercompany asset sale between RentOcean B.V and Oceanteam Cable Solutions B.V., Oceanteam Cable Solutions B.V. owns all of the carousels, tensioners and other ancillary cable handling equipment. As at 31 December 2022, Oceanteam II B.V. and Oceanteam Cable Solutions B.V. are fully consolidated subsidiaries. Both of the companies’ assets and liabilities are classified as held for sale per 31 December 2022. Following the reclassification of the equipment to ‘assets held for sale’, these assets have been measured at the lower of their carrying value and fair value, less costs to sell. The fair value less costs to sell has been determined by using the sale price of the Oceanteam Solutions segment. This has resulted in an impairment of USD 5.647 million. The result of Oceanteam II B.V. and Oceanteam Cable Solutions B.V. has been classified as discontinuing operations. In addition, the depreciation of the equipment within RentOcean B.V has been classified under discontinuing operations.

Oceanteam Annual Report 2022 40 USD’000 Assets classified as held for sale 2022 2021 Equipment 6.214 - Deferred tax assets 200 - Trade receivables 193 - Other receivables 58 - Cash and cash equivalents 53 - Total assets of disposal group held for sale 6.718 - Liabilities directly associated with assets classified as held for sale 2022 2021 Trade payables 199 - Public charges 28 - Provisions 544 - Other current liabilities 430 - Total liabilities of disposal group held for sale 1.201 - Financial performance of discontinued operations Oceanteam Solutions segment USD’000 2022 2021 Operating income 1.836 5.421 Operating costs (1.151) (3.249) Personnel costs (459) (587) General & administration (290) (246) Depreciation and amortisation (1.077) (1.128) Impairment (5.647) (205) Operating profit / (loss) from discontinued operations (6.789) 6 Financial expense (13) (14) Foreign exchange gain / (loss) (22) (61) Net finance from discontinued operations (35) (75) Profit / (loss) before taxes from discontinued operations (6.824) (70) Tax expense - (50) Profit / (loss) from discontinued operations (6.824) (120) Shipping and Solutions segments Combined USD’000 Net profit / (loss) from discontinued operations Solutions segment (6.824) (120) Net profit / (loss) from discontinued operations Shipping segment (210) (1.574) Profit / (loss) from discontinued operations (7.034) (1.694) Profit / (loss) attributable to: Owners of the company (6.951) (905) Non controlling interests (83) (789) Profit / (Loss) from discontinued operations (7.034) (1.694)

Oceanteam Annual Report 2022 41 Note 12. Tangible assets USD’000 Carrying values Fast Support Vessels Southern Ocean Equipment & other Total Carrying values per 1 January 2022 - - 12.976 12.976 Additions - - 5 5 Disposals historical cost - - (310) (310) Disposals depreciation - - 275 275 Depreciation tangible assets - - (1.078) (1.078) Impairment - - (5.647) (5.647) Reclassification to assets held for sale - - (6.214) (6.214) Carrying values per 31 December 2022 - - 9 9 Vessel and Equipment Fast Support Vessels Southern Ocean Equipment & other Total Historical Cost 1 January 2022 8.725 - 41.795 50.521 Additions - - 5 5 Disposals - - (310) (310) Reclassification to assets held for sale - - (41.479) (41.479) Historical Cost 31 December 2022 8.725 - 11 8.737 Accumulated depreciation 1 January 2022 (8.725) - (16.186) (24.913) Depreciation - - (1.078) (1.078) Disposals depreciation - - 275 275 Reclassification to assets held for sale - - 16.987 16.987 Accumulated depreciation 31 December 2022 (8.725) - (2) (8.727) Accumulated impairments 1 January 2022 - - (12.631) (12.631) Impairments/reversals - - (5.647) (5.647) Reclassification to assets held for sale - - 18.278 18.278 Accumulated impairments 31 December 2022 - - - - Total carrying amount per 31 December 2022 - - 9 9 Vessel and Equipment Fast Support Vessels Southern Ocean Equipment & other Total Historical Cost 1 January 2021 8.725 174.241 41.784 224.751 Additions - 233 16 249 Disposals - (174.474) (5) (174.479) Historical Cost 31 December 2021 8.725 - 41.795 50.521 Accumulated depreciation 1 January 2021 (8.725) (31.755) (15.108) (55.590) Depreciation - (324) (1.081) (1.405) Disposals depreciation - 32.079 3 32.082 Accumulated depreciation 31 December 2021 (8.725) - (16.186) (24.913) Accumulated impairments 1 January 2021 - (112.674) (12.426) (125.101) Impairments/reversals - - (205) (205) Disposals - 112.674 - 112.674 Accumulated impairments 31 December 2021 - - (12.632) (12.632) Total carrying amount per 31 December 2021 - - 12.976 12.976 Depreciation rates 5-10 years 5-25 years 3-25 years Depreciation method linear linear linear

Oceanteam Annual Report 2022 42 When internal resources are used to engineer and construct a fixed asset, the relevant costs are added to the historical cost. All construction financing costs are capitalized. There has not been costs related to own development and borrowing costs in the reporting period. Following the sale of the Oceanteam Solutions segment in January 2023, the non-possessory pledges which Oceanteam agreed in May 2020 on 2 of the 6 carousels classified under ‘assets held for sale’ were released. See notes 11 and 18 for further information. Impairment Testing Following the reclassification of the equipment within the Solutions segment to ‘assets held for sale’, these assets have been measured at the lower of their carrying value and fair value, less costs to sell. The fair value less costs to sell has been determined by using the sale price of the Oceanteam Solutions segment. This has resulted in an impairment of USD 5.647 million. See note 11 for further information. The two Fast Support Vessels, Mantarraya and Tiburon, were written down to nil in previous years and continue to have a carrying value of nil. It is highly doubtful that Oceanteam can recover the vessels from Venezuela.

Oceanteam Annual Report 2022 43 Note 13. Income taxes The Group is subject to income taxes in numerous jurisdictions. Judgement is required in determining the worldwide provision for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Information for Oceanteam Bourbon 4 AS, Oceanteam II B.V and Oceanteam Cable Solutions B.V., classified under discontinued operations, is not included in this note. See note 11 for more information. USD’000 Tax income / (expense) comprises: 2022 2021 Tax charge on profit / loss for the year - - Withholding taxes - - Changes in deferred tax - (50) Reclassified to discontinued operations - 50 Other changes - - Deferred tax from equity transactions - - Total income tax expense - - Reconciliation of nominal and effective tax rate Ordinary profit / (loss) before income tax (1.209) (1.432) Weighted average income tax rate* 22% 22% Tax expected based on weighted average tax rate 266 315 Tax effect of: Expenses not deductible for tax purposes (30) (123) Changes in temporary differences 30 22 Translation differences (126) (42) Correction from previous periods - - Utilization of losses - - Losses generated and not utilized (140) (171) Income tax expense - - Effective tax rate in % 0,0% 0,0% Temporary differences: Fixed assets (892) (1.038) Profit and Loss account 27 38 Total temporary differences (865) (1.000) Losses carry forward (160.960) (179.101) Total temporary differences and losses carried forward (161.825) (180.101)

Oceanteam Annual Report 2022 44 Not Included in basis for tax calculation of deferred tax asset 161.825 180.101 Included in basis for tax calculation of deferred tax asset - - Total temporary differences and losses carried forward 161.825 180.101 Deferred tax asset recognized (2022: 22%, 2021: 22%) - - Tax losses and temporary differences for which no deferred tax asset was recognized expire as follows: USD’000 2022 Expiry date 2021 Expiry date Expire (the Netherlands) 7 2023-2028 7 2022-2027 Never expire (Norway) 161.818 n/a 180.094 n/a Total 161.825 180.101 *Domestic tax rates applicable to the Group vary from country to country. The weighted average income tax rate has been calculated by weighting the profit/(loss) before income tax made by each company in relation to the applicable domestic corporation tax rate. Parent company Oceanteam ASA and other Norwegian entities in the group have suffered large tax losses. The basis for potential deferred tax loss is estimated to amount to NOK 1 587 million (USD 161 million) as at 31 December 2022 for the Norwegian entities. Confirmation from the tax authorities for a cumulative carry forward tax loss of NOK 1 579 million (USD 179 million) for the year 2021 was received in September 2022. The deferred tax losses are not recognized in the balance sheet as there is uncertainty to what extent the losses can be offset against future profits. Carry-forward taxable losses do not have a statute of limitation under current Norwegian tax regimes. Deferred income tax liabilities are offset when there is an enforceable right to offset deferred tax assets against deferred tax liabilities and when the deferred income tax relate to the same fiscal authority.

Oceanteam Annual Report 2022 45 Note 14. Receivables USD ‘000 2022 2021 Trade receivables at nominal value 37 974 Less: allowance for expected credit losses - - Net trade receivables 37 974 Movements in the group allowance for expected credit losses of trade receivables are as follows: 2022 2021 At 1 January - - Allowance for expected credit losses movement - - At 31 December - - Trade receivables - Ageing Due 1-30 Due 31- 60 Due 61- 90 Due > 90 Total days days days days Oceanteam ASA 6 6 6 19 37 Shipping - - - - - Solutions - - - - - Total trade receivables 6 6 6 19 37 The trade receivables allowance for expected credit losses was assessed under the requirements of IFRS 9. Management concluded that no adjustment was required. Trade receivables as at 31 December 2022 does not include transactions with parties in respect of which there has historically been allowances for expected credit losses. Other receivables 2022 2021 Prepayments 29 45 Loan to Oceanteam Bourbon 101 AS* 1.102 1.237 Other short term receivables 90 355 Other current receivables 1.221 1.637 *On 28 June 2021, the fully consolidated subsidiary, Oceanteam Bourbon 4 AS (lender) entered into a loan agreement with the equity accounted associate, Oceanteam Bourbon 101 AS (borrower). The loan amount was USD 11.7 million. The loan has an annual interest rate of 4%. The loan amount and interest must be repaid immediately upon the settlement of all other liabilities by Oceanteam Bourbon 101 AS. The loan agreement contains provisions whereby amounts may be waived but this is at the discretion of Oceanteam Bourbon 4 AS. Loan to Oceanteam Bourbon 101 AS 2022 2021 Loan amount provided 9.237 11.680 Accrued interest 358 268 Repayments made (120) (2.711) Closing loan balance 9.475 9.237 Opening provision for expected credit losses (8.000) (6.150) Movement in the period (373) (1.850) Closing provision for expected credit losses** (8.373) (8.000) Net loan amount receivable 1.102 1.237 **The expected credit loss is based on a forward looking probability weighted calculation that reflects the possibility of a loss occurring. This forward looking information includes assumptions and estimates regarding residual costs within the company and

Oceanteam Annual Report 2022 46 when it will be liquidated. The actual results may diﬀer from the estimates made. Oceanteam Bourbon 4 AS’s result is presented within discontinued operations. See note 11 for more details. Contract Receivables The below tables includes assets relating to contracts with customers recognized under IFRS 15 ‘Revenue from Contracts with Customers’. Oceanteam ASA has been reclassified to its own segment. This reclassification has been applied retrospectively resulting in the comparative figures being restated. Trade receivables Accrued Revenue Total USD ‘000 Segment 2022 2021 2022 2021 2022 2021 Management Fees Oceanteam ASA 37 116 - - 37 116 Total shipping receivables 37 116 - - 37 116 Note 15. Cash and cash equivalents USD ‘000 2022 2021 Cash 1.505 2.751 Cash and cash equivalents 1.505 2.751 Of which is restricted deposits* 15 16 * Restricted deposits 2022 2021 Tax deducted from employees, deposited in a separate bank account 15 16 amounts to NOK 147.394 (2021: NOK 142.790) Total 15 16 The bank accounts within Oceanteam Bourbon 4 AS are jointly controlled by Oceanteam ASA and Bourbon Oﬀshore Norway Holding AS. Any payments have to be agreed upon by both JV partners. The cash within Oceanteam Bourbon 4 AS is not considered restricted.

Oceanteam Annual Report 2022 47 Note 16. Investments in Subsidiaries and other consolidated entities USD ‘000 Profit / Equity / (Loss) (Negative Ownership Voting Head Office / Country of Overview subsidiaries: 2022 Equity) percentage share registration Subsidiary companies: Oceanteam II B.V. (48) 12.680 100% 100% Velsen Noord, Netherlands RentOcean B.V (856) 1.544 100% 100% Velsen Noord, Netherlands North Ocean 309 AS - - 100% 100% Baerum, Norway Oceanteam Bourbon 4 AS***** (166) 2.295 50% 60% Baerum, Norway 2nd level Subsidiaries Oceanteam Cable Solutions B.V.* (1.045) 4.361 100% 100% Velsen Noord, Netherlands Oceanteam Shipping GmbH** - - 100% 100% Wilhelmshaven, Germany Oceanteam Mexico B.V.** - 1 100% 100% Velsen Noord, Netherlands 3rd level Subsidiaries Oceanteam Mexico S.A. de C.V.**** - (120) 90% 49% Cd, del Carmen, Mexico Oceanteam GmbH** - - 100% 100% Wilhelmshaven, Germany 4th level Subsidiary Oceanteam Power & Umbilical GmbH*** - - 100% 100% Wilhelmshaven, Germany * The shares are directly owned by Oceanteam II B.V. a subsidiary of Oceanteam ASA ** The shares are directly owned by RentOcean B.V., a subsidiary of Oceanteam ASA. *** The shares are directly owned by Oceanteam GmbH, a subsidiary of RentOcean B.V. **** Oceanteam Mexico B.V, a subsidiary of RentOcean B.V, holds 49% of the ordinary shares in Oceanteam Mexico S.A. de C.V. however, between its ordinary shares and class N shares it holds 90% of the equity in the company. The class N shares don’t give the same voting rights as ordinary shares but do give voting rights on matters including; amendments to the purpose of the company, dissolution of the company and mergers. Additionally, Oceanteam ASA provides the funding to this company and sets the policies and strategy. On this basis Oceanteam ASA is considered to have control of Oceanteam Mexico S.A. de C.V. ***** Oceanteam Bourbon 4 AS has a material non-controlling interest of 50% illustrated in table below. In 2022, Oceanteam Solutions B.V. merged with Oceanteam Cable Solutions B.V. and Kingfisher Enterprise B.V. merged with Oceanteam II B.V. USD ‘000 Oceanteam Bourbon 4 AS Operating segment Shipping Principal place of business Baerum, Norway Ownership interest held by non-controlling interests 50% Voting rights held by non-controlling interests 40% The following is summarised financial information for Oceanteam Bourbon 4 AS based on the company’s financial statements prepared according to Norwegian GAAP. The information is before intercompany eliminations with other companies in the Group.

Oceanteam Annual Report 2022 49 Note 17. Share capital and shareholder information Share capital Pr 31.12.2022 As per 31.12.2022, the share capital of the Company is NOK 197 448 290 (USD 25 403 333) divided into 34 338 833 shares with a nominal value of NOK 5.75 (USD 0.74). All shares have equal voting rights. Oceanteam owns a total of 127 573 own shares representing 0.4% of the shares in the Company. The calculations are made on the basis of 34 338 833 shares in the Company. Shareholders Notes Number of shares Percentage of total VAN LANSCHOT KEMPEN N.V. 2 12.459.966 36,3% BNP Paribas 1 6.590.517 19,2% State Street Bank and Trust Comp 1.826.012 5,3% Euroclear Bank S.A./N.V. 1.759.832 5,1% SIX SIS AG 1.381.374 4,0% ARIZONA PSPRSTRUST 1.179.382 3,4% HESSEL HALBESMA DØDSBO 756.307 2,2% Banque Pictet & Cie SA 457.772 1,3% KNUT MARTIN KARLSEN 307.018 0,9% CLEARSTREAM BANKING S.A. 290.103 0,8% Citibank Europe plc 281.063 0,8% Nordnet Bank AB 249.738 0,7% NORDNET LIVSFORSIKRING AS 227.590 0,7% HÅKON TANDSTAD WIBE 200.000 0,6% DAG KARSTEN HANSEN 200.000 0,6% Morgan Stanley & Co. Int. Plc. 178.276 0,5% SIGURD EMIL STRAND 169.965 0,5% Geir Bjørndalen 150.014 0,4% COMMANDEER CAPITAL AS 135.000 0,4% HAAKON FREDRIK JOHNSSØN STENERSEN 129.124 0,4% Subtotal 20 largest 28.929.053 84,2 % Others 5.409.780 15,8% Total 34.338.833 100,0 % Shareholders Notes Number of shares Percentage of total Board: Kornelis Jan Willem Cordia (Chairman) 1 6.590.517 19,2 % Jacob Johannes van Heijst (Board member) 2 87.987 0,3 % Total 6.678.504 19,4 % 1. Through BNP Paribas, Kornelis Jan Willem Cordia, Chairman of Oceanteam ASA, owns 6 590 517 shares. 2. Through Van Lanschot Kempen N.V, Jacob Johannes van Heijst, board member of Oceanteam ASA, owns 87 987 shares. For more information, please refer to related party transactions in note 20.

Oceanteam Annual Report 2022 50 Note 18. Loans and Borrowings The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual cash flows representing nominal value at payment date. There are no net-settled derivative financial liabilities. USD ´000 At 31 December 2022 0 to 1 years 1 to 2 years 2 to 5 years over 5 years Total Total outstanding on loans 3.000 - - - 3.000 Total outstanding on loans 3.000 - - - 3.000 At 31 December 2021 0 to 1 years 1 to 2 years 2 to 5 years over 5 years Total Total outstanding on loans - 3.000 - - 3.000 Total outstanding on loans - 3.000 - - 3.000 Loans/ Currency of loans True rate of interest Description 31-12-2022 31-12-2021 Oceanteam ASA (USD) Secured* Interest 7% Stichting Value Partners - 1.500 Family Office Oceanteam ASA (USD) Secured* Interest 7% Corinvest B.V. - 1.500 Total long-term debt - 3.000 Oceanteam ASA (USD) Secured* Interest 7% Stichting Value Partners 1.500 - Family Oﬀice Oceanteam ASA (USD) Secured* Interest 7% Corinvest B.V. 1.500 - Total short-term debt 3.000 - *On 25 May 2020, a non-possessory pledge on one carousel each was provided to Stichting Value Partners Family Oﬀice and Corinvest B.V. As at 31 December 2022, both carousels are owned by Oceanteam Cable Solutions B.V. In January 2023, Oceanteam Cable Solutions B.V. was sold and both loans repaid in full. Stichting Value Partners Family Oﬀice - USD 1.500.000 - Oceanteam ASA Oceanteam ASA entered into a loan agreement on 23 April 2018 with Stichting Value Partners Family Oﬀice for the amount of USD 1.5 million. The loan attracts interest of 7% per annum. In May 2020, the repayment date was extended from April 2021 to April 2023. The loan was repaid in full in January 2023. Corinvest B.V. - USD 1.500.000 - Oceanteam ASA Oceanteam ASA entered into a loan agreement on 21 December 2018 with Corinvest B.V. for the amount of USD 1.5 million. The loan attracts interest of 7% per annum. In May 2020, the repayment date was extended from April 2021 to April 2023. The loan was repaid in full in January 2023. Financial costs 2022 2021 Shareholder loans 210 210 Lease liabilities interest expense - 4 Other 3 2 Total interest costs 213 217 Total loan facilities As per 31 December 2022, the total interest bearing debt of the Group is USD 3 million. The Group had free cash of USD 1.5 million. The equity ratio was 51.5 percent per balance sheet date.

Oceanteam Annual Report 2022 52 Note 20. Related party transactions DTN Noordwijk B.V. DTN Noordwijk B.V. is controlled by former Interim CEO / former interim CFO, Henrik Hazenoot. Transactions consist mostly of invoicing for monthly management and consultancy services. Travel costs have also been recharged through this company. Refer to note 8 for more details. Workships Contractors B.V Workships Contractors B.V. is 50% controlled by Kornelis Jan Willem Cordia, chairman of the board. Transactions consist of invoicing for docking budget control for both of the vessels and project management services. Oliley B.V. Oliley B.V. is controlled by Karin Antoinette Yvonne Govaert, director of Oceanteam ASA. Transactions consist mostly of advisory services. Travel costs have also been recharged through this company. Refer to note 8 for more details. Corinvest B.V. Corinvest B.V. is controlled by Kornelis Jan Willem Cordia, chairman of the board. Transactions consist mainly of invoicing recharges for travel expenses. Merlion Nederland B.V. Merlion Nederland B.V. is controlled by Hans Reimer Reinigert, former CEO of Oceanteam ASA. Transactions consists of invoicing for advisory services, CEO services and travel expenses. Refer to note 8 for more details. USD ‘000 Cost Vendor & accrued balance Company 2022 2021 2022 2021 Type of transaction DTN Noordwijk B.V. - (144) - (11) see above Workships Contractors B.V. - (42) - - see above Oliley B.V. - (98) - - see above Corinvest B.V. - - (4) (4) see above Merlion Nederland B.V. (219) (137) (17) (20) see above Transactions with Group companies USD ‘000 Crane Hire expense Interest Income Management fee income Company 2022 2021 2022 2021 2022 2021 Oceanteam Bourbon 101 AS* - - 358 268 60 326 Oceanteam Bourbon Investments AS - (19) - - - 15 Only transactions with non-consolidated companies are disclosed above. See note 2 in the parent financial statements for details of transactions between Oceanteam ASA and all group companies. *On 28 June 2021, the fully consolidated subsidiary, Oceanteam Bourbon 4 AS entered into a loan agreement with the equity accounted associate, Oceanteam Bourbon 101 AS (borrower). See note 14 for further details. Stichting Value Partners Family Office Stichting Value Partners Family Oﬀice is controlled by Mr Hendrik Marius van Heijst. During 2022, Mr Hendrik Marius van Heijst has held a shareholding in Oceanteam ASA of greater than 20% and is therefore considered to have significant influence. In April 2018 a loan was issued by Stichting Value Partners Family Oﬀice. The loan was repaid in full in January 2023. See note 18 for further details. Corinvest B.V. Corinvest B.V. is controlled by Kornelis Jan Willem Cordia, chairman of the board. In December 2018 a loan for USD 1.5 million was issued by Corinvest B.V. The loan was repaid in full in January 2023. See note 18 for further details.

Oceanteam Annual Report 2022 53 USD ‘000 Loans Accrued interest on loans Company 2022 2021 2022 2021 Stichting Value Partners Family Oﬀice 1.500 1.500 53 53 Corinvest B.V. 1.500 1.500 53 53 Total 3.000 3.000 106 106 Note 21. Contingent liabilities There were no contingent liabilities as at 31 December 2022. Note 22. Contingent assets There were no contingent assets as at 31 December 2022. Note 23. Guarantees A parent company guarantee from Oceanteam ASA has been granted to the buyers of KCI the Engineers BV eﬀective for a period of 60 months from January 2018 with a maximum liability of EUR 700.000. This expired in January 2023. Note 24. Events aﬅer the balance sheet date Divestment of Solutions Business On 9 January 2023, an extraordinary general meeting of Oceanteam ASA approved the sale of Oceanteam ASA’s 100% shareholding in Oceanteam II B.V. Oceanteam II B.V. is the holding company that owns 100% of the shares in Oceanteam Cable Solutions B.V. Oceanteam Cable Solutions B.V. owns all the carousels, tensioners and other ancillary cable handling equipment, and the transaction therefore constituted the divestment of the Oceanteam Solutions business. As at 31 December 2022, Oceanteam II B.V. and Oceanteam Cable Solutions B.V. are fully consolidated subsidiaries. Both companies’ assets and liabilities are classified as held for sale per 31 December 2022 and their result classified under discontinued operations. Following the reclassification of the equipment to ‘assets held for sale’, these assets have been measured at the lower of their carrying value and fair value, less costs to sell. The fair value less costs to sell has been determined by using the sale price of the Oceanteam Solutions segment. This has resulted in an impairment of USD 5.647 million being recognised in 2022. Completion of the sale did not generate a profit or loss in 2023. See note 11 for more information. The sale proceeds of EUR 5.2 million were received by Oceanteam ASA in January 2023. USD 3 million of the proceeds were used to repay the shareholder loans from Stichting Value Partners Family Oﬀice and Corinvest B.V. in full in January 2023. As a result of the transaction and loan repayments, Oceanteam ASA’s cash position has increased by approximately USD 2 million. Oceanteam ASA has provided various customary warranties and indemnities to the buyers of Oceanteam II B.V. with a maximum liability capped at the amount of consideration of EUR 5.2 million. USD 554 000 of this amount is considered a contingent liability in 2023. Leadership Change On 1 March 2023, Hans Reinigert stepped down as CEO and Michael Timson was appointed as CEO.

Oceanteam Annual Report 2022 54 25. Earnings per share The calculation of basic earnings per share has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. Shares are stated in thousands. USD ‘000 2022 2021 Net Profit / (loss) (8.244) (3.126) Shares per 1 January 34.339 34.339 Holding of own shares 1 January (128) (128) Issued during the year - - Shares 31 December 34.339 34.339 Own shares 31 December (128) (128) Weighted average of shares during the year 34.211 34.211 Earnings / (loss) per share (USD) (0,24) (0,09) Earnings / (loss) per share (NOK) (2,32) (0,79) Earnings / (loss) per share (USD) Discontinued operations (0,21) (0,05) Continuing operations (0,04) (0,04) Total (0,24) (0,09) There is no diﬀerence between basic and diluted earnings per share. Note 26. Investment in joint ventures and associates USD’000 Investments in joint ventures and associates Investment in Total Oceanteam Bourbon 101 AS Type of investment Associate Carrying amount of investment per 31 December 2021 - - Net result from investment in 2022 - - Dividends received during the year - - Total carrying amounts 31 December 2022 - - The table above summarizes the investments of the Group. The following sections in this note describe Oceanteam Bourbon 101 AS more thoroughly. Oceanteam Bourbon 101 AS is equity accounted for with nil value in the Oceanteam Group figures. CSV BO 101 (Oceanteam Bourbon 101 AS’s main asset) was idle from April 2020 until it was sold in July 2021. Primarily due to the lack of revenue and the write down of the vessel value in 2020 to its sale price, less costs to sell, Oceanteam Bourbon 101 AS has negative equity of USD 8.3 million as at 31 December 2022. Oceanteam Group’s share of accumulated unrecognized losses as at 31 December 2022 stands at USD 4.2 million.

Oceanteam Annual Report 2022 55 During the period from April to June 2021, the fully consolidated subsidiary, Oceanteam Bourbon 4 AS, lent Oceanteam Bourbon 101 AS USD 11.7 million which was formalized in an intercompany loan agreement. As at 31 December 2022, the balance of the loan is USD 9.5 million. See note 14 for futher information. The credit loss provision that Oceanteam Bourbon 4 AS has in respect of the intercompany loan has been increased from USD 8 million per 31 December 2021 to USD 8.4 million per 31 December 2022. The net loan amount receivable Oceanteam Bourbon 4 AS has of USD 1.1 million is classified under other receivables. The intercompany loan agreement contains a clause through which amounts that Oceanteam Bourbon 101 AS cannot aﬀord to repay to Oceanteam Bourbon 4 AS can be waived. Associates Oceanteam Bourbon 101 AS is an unlisted company in which the Group has a 50 percent ownership interest. This company was founded in June 2009 by Oceanteam ASA and Bourbon Oﬀshore Norway AS. The Group has classified its interest in Oceanteam Bourbon 101 AS as an associate, which is equity accounted for. Oceanteam Bourbon 101 AS Nature of relationship with the Group Vessel CSV Bourbon Oceanteam 101 Principal place of business Baerum, Norway Ownership interest 50% Voting rights held in board of directors 40%* *In December 2014 the owning parties agreed to change the shareholders’ agreement for Oceanteam Bourbon 101 AS. Oceanteam ASA have two of a total of five directors on the board, which is the basis for calculation of voting rights given above. The owner companies, Bourbon Oﬀshore Norway Holding AS and Oceanteam ASA have equal voting shares in general meetings. The changes were implemented from 1 January 2014. The following is summarized financial information for Oceanteam Bourbon 101 AS based on USD as the functional currency modified for any diﬀerences in the Group’s accounting policies. In USD ‘000 Oceanteam Bourbon 101 AS 2022 2021 Revenue - - Profit / (loss) before tax (405) (3.352) Tax - (2) Net result (405) (3.353) Current assets 1.237 1.969 Non current assets - - Current liabilities (9.550) (9.876) Non-current liabilities - - Net assets (8.313) (7.908) In USD ‘000 Oceanteam Bourbon 101 AS 2022 2021 Group’s interest in net assets of investee at beginning of the period - - Total profit / loss attributable to the Group - - Total other comprehensive income attributable to the Group - - Dividends received during the year - - Carrying amount of interest in investee at the end of the period - -

Oceanteam Annual Report 2022 56 Note 27. Alternative Performance Measures Oceanteam’s Group financial statements are prepared in accordance with international financial reporting standards (IFRS). Oceanteam discloses various alternative performance measures as a supplement to the financial statements. The alternative performance measures are used to provide additional insight into the operating performance, financing and prospects of the Group. Such measures are oﬅen used by various interested parties. Definitions of these measures are as follows: EBIT ‘Earnings before interest and tax’ is the same as ‘Operating profit / (loss)’ EBITDA ‘Earnings before interest, tax, depreciation and amortisation’ is ‘Operating profit / (loss)’ less ‘Depreciation and amortisation’ and ‘Write oﬀ / Impairment’ USD ‘000 2022 2021 Operating profit / (loss) (924) (1.202) Depreciation and amortisation 1 1 Write oﬀ / Impairment (40) EBITDA (924) (1.242) SG&A ‘Selling, general & administration’ is the sum of ‘Personnel costs’ and ‘General & administration’ USD ‘000 2022 2021 Personnel costs (589) (995) General & administration (394) (502) SG&A (984) (1.496) Equity ratio ‘Total equity’ divided by ‘Total assets’ USD ‘000 2022 USD ‘000 2021 Total equity 4.884 = 51% Total equity 13.128 = 71% Total assets 9.491 Total assets 18.538 Operating margin ‘EBITDA’ divided by ‘Total operating income’ USD ‘000 2022 USD ‘000 2021 EBITDA (924) = -1540% EBITDA (1.242) = -486% Total operating income 60 Total operating income 256 Current ratio ‘Total current assets’ divided by ‘Total current liabilities’ USD ‘000 2022 USD ‘000 2021 Total current assets 9.482 = 2,06 Total current assets 5.362 = 2,22 Total current liabilities 4.607 Total current liabilities 2.410

Oceanteam Annual Report 2022 62 NOTES TO THE FINANCIAL STATEMENTS PARENT Note 1. Primary accounting principles The financial statements, which have been presented in compliance with the Norwegian Public Liability Companies Act, the Norwegian Accounting Act and Norwegian generally accepted accounting principles in eﬀect as of 31 December 2022, consist of the income statement, statement of financial position, cash flow statement and notes to the accounts. The financial statements have been prepared based on the fundamental principles governing historical cost accounting, comparability, continued operations, congruence and prudence. Transactions are recorded at their value at the time of the transaction. The diﬀerent accounting principles are further commented on below. Assets / liabilities related to current business activities and items which fall due within one year are classified as current assets/ liabilities. Current assets / short-term debts are recorded at the lowest/ highest of acquisition cost and fair value. The definition of fair value is the estimated future sales price reduced by expected sales costs. Other assets are classified as fixed assets. Fixed assets are entered in the accounts at historical cost, with deductions for depreciation. In the event of a decline in value which is not temporary, the fixed asset will be subject to a write-down. The same principle applies to liabilities. According to generally accepted accounting standards there are some exceptions to the basic assessment and valuation principles. Comments on these exceptions can be found in the respective notes to the accounts. When applying the basic accounting principles and disclosure of transactions and other items, the “substance over form” rule is adopted. Contingent losses which are probable and quantifiable are charged to the profit and loss account. Accounting principles for material items Revenue recognition Revenue is normally recognized at the time of delivery of services. Oceanteam ASA issues management fees to companies in the same Group. Interest on intercompany receivables is charged based on an inter-group cash pooling agreement. Other operating expenses Other costs which are not related to day to day operations are classified as other operating expenses. Dividends Dividends, group contributions and other distributions are recognized in the same year as they are recognized in the subsidiary or joint venture financial statements. If dividends / group contribution exceed withheld profits aﬅer acquisition, the excess amount represents repayment of invested capital, and the distribution will be deducted from the recorded value of the acquisition in the balance sheet of the parent company. Dividend from subsidiaries and Joint ventures will only be recognized per balance sheet date if it’s significantly more likely than not that the dividend will be approved in the relevant company. Use of estimates The management has used estimates and assumptions that have aﬀected assets, liabilities, incomes, expenses and information on potential liabilities in accordance with generally accepted accounting principles in Norway.

Oceanteam Annual Report 2022 63 Pensions The Company has a pension scheme that is classified as a defined contribution plan. The defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. Depreciation Based on the historical cost of the asset, straight line depreciation is applied over the useful economic life of the fixed assets. Depreciation is classified as an operating cost. Finance leases are depreciated over the term of the lease and the liability is reduced in line with the lease payments aﬅer deducting interest. Income tax The tax expense consists of the tax payable and changes to deferred tax. Deferred tax / tax assets are calculated on all diﬀerences between the book value and tax value of assets and liabilities. Deferred tax is calculated as 22 percent of temporary diﬀerences and the tax eﬀect of tax losses carried forward. Deferred tax assets are recorded in the balance sheet when it is more likely than not that the tax assets will be utilized. Foreign currency translation Functional and reporting currency Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Company’s functional and reporting currency are in USD. The USD against NOK exchange rate applied as at 31 December 2022 is 9.8573. The average exchange rate for the 2022 year applied was 9.6556. Foreign currency transactions are translated into the functional currency using the respective month end exchange rates. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at each month end using the month end exchange rates. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at month end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses are presented in the income statement within ‘Foreign exchange result’. Balance sheet classification Current assets and short term liabilities consist of receivables and payables due within one year and cash and cash equivalents. Other balance sheet items are classified as fixed assets / long term liabilities. Current assets are valued at the lower of cost and fair value. Short term liabilities are recognized at nominal value. Fixed assets are valued at cost, less depreciation and impairment losses. Long term liabilities are recognized at nominal value. Tangible assets Tangible assets are entered in the accounts at historical cost, with deductions for accumulated depreciation and write-downs. If the fair value of a tangible asset is lower than book value, and the decline in value is not temporary, that tangible asset will be written down to fair value.

Oceanteam Annual Report 2022 64 Investment in Joint Ventures, Subsidiaries and Associates Subsidiaries and investments in joint ventures and associates are valued at cost in the company accounts. The investment is valued at the cost of the shares, less any impairment losses. An impairment loss is recognized if the impairment is not considered temporary, in accordance with generally accepted accounting principles. Impairment losses are reversed if the reason for the impairment loss disappears in a later period. Accounts receivable and other receivables Accounts receivable and other current receivables are recorded in the balance sheet at nominal value less provisions for doubtful accounts. Provisions for doubtful accounts are based on an individual assessment of the diﬀerent receivables. For the remaining receivables, a general provision is estimated based on expected loss. Cash flow statement The cash flow statement is presented using the indirect method, whereby the profit or loss is adjusted for the eﬀects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated with investing or financing cash flows. Cash and cash equivalents include cash, bank deposits and other short term, highly liquid investments with maturities of three months or less. Currency Cash, receivables and liabilities in a foreign currency are valued using the exchange rate at the year end. Events after the balance sheet date New information on the Company’s position at the balance sheet date is taken into account in the annual financial statements. Events aﬅer the balance sheet date that do not aﬀect the Company’s position at the balance sheet date, but which will aﬀect the Company’s position in the future, are stated if significant. Note 2. Transactions with Group companies USD ‘000 Interest Income / (Expense) Management fee income 2022 2021 2022 2021 Oceanteam Cable Solutions B.V.* - 310 15 7 Oceanteam II B.V.* - 62 - - Oceanteam Bourbon 101 AS - - 60 256 Oceanteam Bourbon 4 AS - - 60 268 North Ocean 309 AS* - - - - Oceanteam Bourbon Investments AS - - - 15 RentOcean B.V. 59 101 - - Total 59 472 135 546 *Oceanteam ASA waived 2022 interest income due from Oceanteam Cable Solutions B.V. of USD 417 192, Oceanteam II B.V of USD 87 266 and North Ocean 309 AS of USD 87 345. Internal interest is calculated on intercompany balances. An interest rate of 7% + Libor 3 months is applied to all the above company’s intercompany balances subject to Oceanteam Bourbon Investments AS on which the interest is 4% per annum. See note 7 and note 5 for intercompany balances.

Oceanteam Annual Report 2022 65 Note 3. Employees, Board and auditor USD ‘000 2022 2021 Personnel Costs Employee salaries 177 187 Social security 27 28 Pension costs 12 12 Other benefits 6 14 Board and audit committee fees 102 119 Recharged salary costs* - 432 Contractor fees** 220 369 Total 543 1.160 Number of man-years employed in Oceanteam ASA over the financial year. 2 2 *2021 recharged salary costs relate to amounts recharged from Oceanteam Cable Solutions B.V in respect of Henk van den Ijssel’s employment (former CEO). **2021 contractor fees relate to CFO / CEO services provided by Hendrik Hazenoot (former interim CFO / former interim CEO) and additional services provided by Hans Reinigert (former board member) and Karin Antoinette Yvonne Govaert (board member). 2022 contractor fees relate to CEO services provided by Hans Reinigert. Management remuneration USD ‘000 Board Wages / Pension Other 2022 Position fees Fees premiums remuneration Total Kornelis Jan Willem Cordia Chairman 42 42 Karin Antoinette Yvonne Govaert Director 35 35 Hans Reinigert CEO 219 219 Ben de Jong CFO 160 26 186 Jacob Johannes van Heijst Director (from April 2022) 25 25 Total 102 380 26 - 507 Board Wages / Pension Other 2021 Position fees Fees premiums remuneration Total Henk van den Ijssel CEO (Until July 2021) 397 14 411 Kornelis Jan Willem Cordia Chairman 47 47 Karin Antoinette Yvonne Govaert Director 39 96 135 Hans Reinigert Director (until Nov 2021), CEO 33 126 159 Hendrik Hazenoot Interim CFO / CEO (Until Nov 2021) 144 144 Ben de Jong CFO (from Aug 2021) 190 31 220 Total 119 952 45 - 1.115 For the year 2022, the agreed annual fee for the chairman of the board is NOK 400.000 and NOK 337.500 for the other members of the board (including NOK 37.500 for audit committee fees). Kornelis Jan Willem Cordia, chairman of the board, received board fees of NOK 400.000 (USD 41.588) in 2022. Director, Karin Antoinette Yvonne Govaert received board fees of NOK 337.500 (USD 35.090). Jacob Johannes van Heijst was appointed member of the board on 4 April 2022. He received board fees of NOK 250.313 (USD 25.148). Hans Renigert, former CEO, had a service agreement through Merlion Nederland B.V. The service fee was EUR 16.000 per month. In 2022, fees of EUR 192.000 (USD 201.597), which attracted non-deductible VAT of EUR 16.976 (USD 17.760), have been charged in

Oceanteam Annual Report 2022 66 respect of his CEO services. As at 31 December 2022, Oceanteam had no obligation to pay special compensation upon termination of, or change to, the CEO’s employment. As at 31 December 2022, Oceanteam had not recognized any liabilities in respect of severance pay or bonuses to the CEO. As at 31 December 2022, Oceanteam had no obligation to pay special compensation upon termination of, or change to, the chairman’s appointment. As at 31 December 2022, there were no agreements between Oceanteam and the chairman providing for bonuses, profit sharing, options or similar benefits. No expenses or liabilities have been recognized in 2022. In 2022, Ben de Jong, CFO, received a salary EUR 141.520 (USD 148.404) which attracted a holiday allowance at 8% totalling EUR 11.322 (USD 11.872). On 31 December 2022, Ben de Jong, CFO, entered into a settlement agreement with Oceanteam ASA’s fully owned subsidiary RentOcean B.V. The settlement agreement states that on 1 July 2023, Ben de Jong’s employment agreement will terminate. Upon termination of the employment agreement, Ben de Jong will receive a severance payment of EUR 77 371. If Ben de Jong remains employed until 1 July 2023 and the employment contract does not end in any other way than on the basis of the settlement agreement, then he will receive additional compensation of EUR 23 880. If it is mutually agreed that his employment agreement will continue aﬅer 1 July 2023, no rights can be derived from the settlement agreement. If it is agreed that the employment agreement is continued aﬅer 1 July 2023 for a lower number of working hours per week, the severance payment will be paid pro rata in proportion to the reduction of working hours with the additional compensation still being paid in full. Refer to note 5 for the year-end balances of related parties. The incentive scheme throughout the group is given at the discretion of the board and CEO. The CEO makes a proposal to the board for diﬀerent incentives for the employees of the company. There is no share incentive program. There have not been given any loans, advance payments and security by the Company or other companies in the group to the individual senior executives or the individual members of the board of directors, audit committee or other elected corporate bodies. Other than mentioned above, there has not been any remuneration, pension’s plans or other benefits to members of the audit committee or other elected corporate bodies. Liability insurance has been taken out for the Directors and Oﬀicers for their possible liability to the company and third parties. The main principles for the Company’s executive management salary policy is that executive management shall be oﬀered terms that are competitive when salary, payment in kind, bonus, share options and pension scheme are considered as a whole. The Board may at its sole discretion, grant performance related incentive to employees. The incentive cannot exceed one year’s annual salary unless the Board decides otherwise and substantiates such decision. The Board may develop incentive schemes for the Group in order to align the motivation goals of personnel with that of the Company and enhance the value creation capacity for the shareholders by enhancing the Company’s ability to attract, retain and motivate employees who are expected to make important contributions to the Company. By providing such persons with performance-based incentives, the Company aligns the interests of such persons with those of the Company’s shareholders. Auditor Auditor’s fee consists of the following: USD ‘000 2022 2021 Statutory audit 108 123 Other assurance services 3 4 Tax advisory 2 2 Other 5 - Total 117 128 Claimable VAT is not included in the auditor’s fee.

Oceanteam Annual Report 2022 67 Note 4. Pensions The Company is required to have an occupational pension scheme in accordance with Norwegian law (“lov om obligatorisk tjenestepensjon”). The Company’s pension scheme meets the requirements of that law. The Company’s pension scheme is a defined contribution plan funded through an insurance company. All employees within Oceanteam ASA are included within the pension scheme. Refer to note 3 for the number of employees. Note 5. Transactions with related parties DTN Noordwijk B.V. DTN Noordwijk B.V. is controlled by former Interim CEO / former interim CFO, Hendrik Hazenoot. Transactions consist mostly of invoicing for monthly management and consultancy services. Travel costs have also been recharged through this company. Refer to note 3 for more details. Workships Contractors B.V Workships Contractors B.V. is 50% controlled by Kornelis Jan Willem Cordia, chairman of the board. Transactions consist of invoicing for docking budget control for both of the vessels and project management services. Oliley B.V. Oliley B.V. is controlled by Karin Antoinette Yvonne Govaert, director of Oceanteam ASA. Transactions consist mostly of advisory services. Travel costs have also been recharged through this company. Refer to note 3 for more details. Corinvest B.V. Corinvest B.V. is controlled by Kornelis Jan Willem Cordia, chairman of the board. Transactions consist mainly of invoicing recharges for travel expenses. Merlion Nederland B.V. Merlion Nederland B.V. is controlled by Hans Reimer Reinigert, former CEO of Oceanteam ASA. Transactions consists of invoicing for advisory services, CEO services and travel expenses. Refer to note 3 for more details. USD ‘000 Cost Vendor & accrued balance Company 2022 2021 2022 2021 Type of transaction DTN Noordwijk B.V. - (144) - (11) see above Workships Contractors B.V. - (29) - - see above Oliley B.V. - (96) - - see above Corinvest B.V. - - (4) (4) see above Merlion Nederland B.V. (219) (137) (17) (20) see above Stichting Value Partners Family Office Stichting Value Partners Family Office is controlled by Mr Hendrik Marius van Heijst. During 2022, Mr Hendrik Marius van Heijst has held a shareholding in Oceanteam ASA of greater than 20% and is therefore considered to have significant influence. In April 2018 a loan was issued by Stichting Value Partners Family Office. The loan was repaid in full in January 2023. See note 11 for further details. Corinvest B.V. Corinvest B.V. is controlled by Kornelis Jan Willem Cordia, chairman of the board. In December 2018 a loan for USD 1.5m was issued by Corinvest B.V. The loan was repaid in full in January 2023. See note 11 for further details.

Oceanteam Annual Report 2022 68 Oceanteam Bourbon 4 AS Oceanteam ASA entered into a loan agreement on 9 November 2021 with Oceanteam Bourbon 4 AS, a subsidiary of Oceanteam ASA, for the amount of USD 1.1 million. See note 11 for further details. RentOcean B.V. In October 2022, Oceanteam ASA’s intercompany receivable from RentOcean (100% owned subsidiary) changed to an intercompany payable. See note 11 and 2 for further information. USD ‘000 Accrued interest Loans payable on loans Interest xpense Company 2022 2021 2022 2021 2022 2021 Stichting Value Partners Family Oﬀice 1.500 1.500 53 53 105 105 Corinvest B.V. 1.500 1.500 53 53 105 105 Oceanteam Bourbon 4 AS 1.100 1.100 50 6 44 6 RentOcean B.V. 1.580 - - - - - Total 5.680 4.100 156 112 254 216 Note 6. Financial income and financial expenses USD ‘000 2022 2021 Finance income Dividend income - 3 Reversal of write-offs 97 - Interest income from group companies 59 472 Other financial income 13 - Total finance income 169 475 Finance costs Write-offs and forgiven debt* (7.518) (792) Interest expenses (254) (216) Other financial expenses (6) (4) Other financial cost (foreign exchange losses) (86) (13) Total finance costs (7.864) (1.026) Result financial items (7.694) (550) *USD 7.4 million, of this amount relates to the impairment of Oceanteam ASA’s investment in Oceanteam II B.V.

Oceanteam Annual Report 2022 69 Note 7. Intercompany balances with group companies and associates USD ‘000 Write downs / Write downs / (reversal of (reversal of write downs) write downs) Balance Balance Intercompany balances in 2022 in 2021 2022 2021 Oceanteam Shipping GmbH - - 2 2 Oceanteam II B.V. - - - 996 Oceanteam Mexico S.A de C.V. 19 - - - Oceanteam Mexico B.V. - - 1 1 Kingfisher Enterprise B.V. (85) (5) - - North Ocean 309 AS - 1 - - Oceanteam Solutions B.V. - - - 8 RentOcean B.V. - - - 1.252 Oceanteam Shipping B.V. - - - 4.808 Sum (66) (4) 3 7.068 Note 8. Income taxes USD ‘000 2022 2021 Income tax expense Tax payable - - Tax payable previous year - - Changes in deferred tax - - Total income tax expense - - Tax base calculation Profit/(loss) before income tax (8.495) (1.663) Permanent differences 7.421 792 Changes in temporary differences (135) (98) Corrections from previous periods - - Translation differences 574 190 Tax base (635) (779) Temporary diﬀerences: Fixed assets (892) (1.038) Non-current receivables - - Non current assets - - Current assets - - Profit and Loss account 27 38 Tax-deductible part of write-down - - Taxable income from Subsidiaries - - Effect foreign exchange on long-term liabilities - - Other temporary differences - - Total temporary differences (865) (1.000)

Oceanteam Annual Report 2022 70 Loss carried forward (160.028) (178.172) Total temporary differences and loss carried forward (160.893) (179.172) Deferred tax liability / (asset) - (2022: 22%, 2021: 22%)* (35.397) (39.418) Reconciliation of nominal and eﬀective tax rate 2022 2021 Profit/(loss) before income tax (8.495) (1.663) Expected income taxes 22% (2021: 22%) (1.869) (366) Permanent differences 1.633 174 Changes in temporary differences (30) (22) Translation differences 126 42 Corrections from previous periods - - Losses generated and not utilized 140 171 Income tax expense - - Effective tax rate in % 0,0 % 0,0 % *Deferred tax assets are not recognized in the balance sheet as there is uncertainty regarding utilization in the foreseeable future. Confirmation from the tax authorities of a cumulative carry forward tax loss of NOK 1 571 million (USD 159 million) as at the 2021 year end was received on 28 September 2022. Cumulative carry forward tax loss at year-end 2022 is estimated to NOK 1 577 million (USD 160 million). The carry forward tax loss has no statute on limitation and can be utilized against company’s future losses. Note 9. Equity USD ‘000 Share capital Own shares Premium fund Uncovered loss Total Equity 01.01.22 25.403 (128) 23.526 (38.037) 10.765 Net profit / (loss) for the year (8.495) (8.495) Equity 31.12.22 25.403 (128) 23.526 (46.531) 2.270

Oceanteam Annual Report 2022 71 Note 10. Investment in subsidiaries, joint ventures and associates Year acquired / Head Oﬀice / Ownership Voting incorporated Country of registration share share Subsidiaries directly owned Oceanteam II B.V. 2007 Amsterdam, Netherlands 100% 100% RentOcean B.V. 2015 Amsterdam, Netherlands 100% 100% North Ocean 309 AS 2011 Bærum, Norway 100% 100% Oceanteam Bourbon 4 AS 2006 Bærum, Norway 50% 60% Associates directly owned Oceanteam Bourbon 101 AS 2006 Bærum, Norway 50% 40% Subsidiaries indirectly owned Oceanteam Mexico B.V. 2008 Amsterdam, Netherlands 100% 100% Oceanteam Cable Solutions B.V.* 2011 Amsterdam, Netherlands 100% 100% Oceanteam Shipping GmbH 2007 Wilhelmshaven, Germany 100% 100% Oceanteam GmbH 2007 Wilhelmshaven, Germany 100% 100% Oceanteam Power and Umbilical GmbH 2007 Wilhelmshaven, Germany 100% 100% Oceanteam Mexico S.A de C.V. 2008 Cd. del Carmen, Mexico 90% 49% *formerly named Oceanteam Shipping B.V. In 2022, Oceanteam Solutions B.V. merged with Oceanteam Cable Solutions B.V. and Kingfisher Enterprise B.V. merged with Oceanteam II B.V. Investments valued at cost (company accounts) Subsidiaries and joint ventures USD ‘000 Company name Share Number of Write downs Net book value The company’s Net profit (loss) capital shares issued in 2022 of investment total equity 2022 Oceanteam II B.V. 22 18.000 7.413 5.520 5.515 (7.213) RentOcean B.V. 11 10.000 (11) 11 1.544 (856) North Ocean 309 AS 17 100 - - (945) - Oceanteam Bourbon 4 AS 4.215 100 86 1.110 2.295 (166) Sum 4.265 7.488 6.641 8.409 (8.236) Associates Company name Share Number of Write downs Net book value The company’s Net profit (loss) capital shares issued in 2022 of investment total equity 2022 Oceanteam Bourbon 101 AS* 556 2.610 - - (8.313) (405) Sum 556 - - (8.313) (405) The above investments are only those directly owned by Oceanteam ASA. The investments are valued at the lower of cost and net realizable value.

Oceanteam Annual Report 2022 72 Note 11. Receivables and Liabilities USD ‘000 2022 2021 Receivables Prepayments 29 28 Accounts receivable* 75 250 Total receivables 104 278 Non-current liabilities Loans and borrowings (5.680) (4.100) Total non-current liabilities (5.680) (4.100) Current liabilities Accounts payable (33) (46) Public duties payable (18) (20) Other current liabilities (222) (217) Total current liabilities (274) (282) *Accounts receivable, per 31.12.2022, consists of management fees charged to Oceanteam Bourbon 4 AS of USD 37 500 and Oceanteam Bourbon 101 AS of USD 37 500. Oceanteam ASA entered into loan agreement on 23 April 2018 with Stichting Value Partners Family Oﬀice for the amount of USD 1.5 million. The loan has an interest rate of 7%. Oceanteam ASA entered into another loan agreement on 21 December 2018 with Corinvest B.V. for the amount of USD 1.5 million. The loan has an interest rate of 7% per annum. In May 2020, the repayment date for both the Stichting Value Partners Family Oﬀice loan and Corinvest B.V. loan was extended from April 2021 to April 2023. The loans were repaid in full in January 2023. In May 2020, a non-possessory pledge on one carousel each was provided to Stichting Value Partners Family Oﬀice and Corinvest B.V. As at 31 December 2022, Oceanteam Cable Solutions B.V owned both carousels. The pledges were removed in January 2023. Oceanteam ASA entered into a loan agreement on 9 November 2021 with Oceanteam Bourbon 4 AS for the amount of USD 1.1 million. The loan has an interest rate of 4%. The loan has a repayment date of 9 November 2023. If Oceanteam ASA becomes insolvent or unable to pay its debts as they fall due, the loan amount becomes payable upon demand. In October 2022, RentOcean B.V sold all of its equipment to Oceanteam Cable Solutions B.V. Oceanteam ASA’s intercompany receivable from Oceanteam Cable Solutions B.V was increased by an amount equivalent to the sale price and Oceanteam ASA’s intercompany balance with RentOcean B.V decreased by the same amount. This resulted in Oceanteam ASA having an intercompany payable to RentOcean B.V in the amount of USD 1.58 million as at 31 December 2022. The balance attracts an interest rate of 7% + Libor 3 months. Refer to note 5 for more details. Note 12. Bank deposits As at 31 December 2022, tax deducted from employees, deposited in a separate bank account amounts to NOK 147 394 (USD 14 953).

Oceanteam Annual Report 2022 73 Note 13. Share capital and shareholder information Share capital Pr 31.12.2022 As per 31.12.2022, the share capital of the Company is NOK 197 448 290 (USD 25 403 333) divided into 34 338 833 shares with a nominal value of NOK 5.75 (USD 0.74). All shares have equal voting rights. Oceanteam owns a total of 127 573 own shares representing 0.4% of the shares in the Company. The calculations are made on the basis of 34 338 833 shares in the Company. Shareholders Notes Number of shares Percentage of total VAN LANSCHOT KEMPEN N.V. 2 12.459.966 36,3% BNP Paribas 1 6.590.517 19,2% State Street Bank and Trust Comp 1.826.012 5,3% Euroclear Bank S.A./N.V. 1.759.832 5,1% SIX SIS AG 1.381.374 4,0% ARIZONA PSPRSTRUST 1.179.382 3,4% HESSEL HALBESMA DØDSBO 756.307 2,2% Banque Pictet & Cie SA 457.772 1,3% KNUT MARTIN KARLSEN 307.018 0,9% CLEARSTREAM BANKING S.A. 290.103 0,8% Citibank Europe plc 281.063 0,8% Nordnet Bank AB 249.738 0,7% NORDNET LIVSFORSIKRING AS 227.590 0,7% HÅKON TANDSTAD WIBE 200.000 0,6% DAG KARSTEN HANSEN 200.000 0,6% Morgan Stanley & Co. Int. Plc. 178.276 0,5% SIGURD EMIL STRAND 169.965 0,5% Geir Bjørndalen 150.014 0,4% COMMANDEER CAPITAL AS 135.000 0,4% HAAKON FREDRIK JOHNSSØN STENERSEN 129.124 0,4% Subtotal 20 largest 28.929.053 84,2 % Others 5.409.780 15,8% Total 34.338.833 100,0 % Shareholders Notes Number of shares Percentage of total Board: Kornelis Jan Willem Cordia (Chairman) 1 6.590.517 19,2 % Jacob Johannes van Heijst (Board member) 2 87.987 0,3 % Total 6.678.504 19,4 % 1. Through BNP Paribas, Kornelis Jan Willem Cordia, Chairman of Oceanteam ASA, owns 6 590 517 shares. 2. Through Van Lanschot Kempen N.V, Jacob Johannes van Heijst, board member of Oceanteam ASA, owns 87 987 shares For more information, please refer to related party transactions in note 5.

Oceanteam Annual Report 2022 74 Note 14. Financial risk management GOING CONCERN In accordance with the Accounting Act § 4-5 the company confirms that the financial statements have been prepared under the assumption of going concern. This assumption is based on income forecasts for the years 2023 – 2024 and the Group’s long-term strategic forecasts. The Directors have considered all available information about the future when concluding whether the Company is a going concern at the date they approve the financial statements. The review covers a period of at least twelve months from the date of approval of annual financial statements. (A) CREDIT RISK The credit risk of receivables from group entities is dependent on the performance of the actual operations within the subsidiary, joint venture or associate. (B) LIQUIDITY RISK Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company’s approach to managing liquidity is to ensure that it will always have suﬀicient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company’s reputation. The company is receiving their revenue and thus cash liquidity from their subsidiaries and associates, and is consequently dependent on the liquidity in these companies. (C) MARKET RISK The market risk with regard to currency risk is considered low as the functional and reporting currency are in USD. The company’s loans and the majority of the companies revenues, which are dividends, intercompany interest and management fees, are in USD. Other liabilities are mostly a mix of USD, EUR and NOK. Market risk is considered low. Note 15. Guarantees A parent company guarantee from Oceanteam ASA has been granted to the buyers of KCI the Engineers B.V. eﬀective for a period of 60 months from January 2018 with a maximum liability of EUR 700.000. Note 16. Events after the balance sheet date Divestment of Solutions Business On 9 January 2023, an extraordinary general meeting of Oceanteam ASA approved the sale of Oceanteam ASA’s 100% shareholding in Oceanteam II B.V. Oceanteam II B.V. is the holding company that owns 100% of the shares in Oceanteam Cable Solutions B.V. Oceanteam Cable Solutions B.V. owns all the carousels, tensioners and other ancillary cable handling equipment, and the transaction therefore constituted the divestment of the Oceanteam Solutions business. Oceanteam ASA’s investment in Oceanteam II B.V, as at 31 December 2022, has been impaired down to the sale price. The impairment recognized in 2022 is USD 7.4 million (see note 6). Completion of the sale did not generate a profit or loss in 2023. The sale proceeds of EUR 5.2 million were received by Oceanteam ASA in January 2023. USD 3 million of the proceeds were used to repay the shareholder loans from Stichting Value Partners Family Oﬀice and Corinvest B.V. in full in January 2023. As a result of the transaction and loan repayments, Oceanteam ASA’s cash position has increased by approximately USD 2 million. Oceanteam ASA has provided various customary warranties and indemnities to the buyers of Oceanteam II B.V. with a maximum liability capped at the amount of consideration of EUR 5.2 million. USD 554 000 of this amount is considered a contingent liability in 2023. Leadership Change On 1 March 2023, Hans Reinigert stepped down as CEO and Michael Timson was appointed as CEO.

To the General Meeting of Oceanteam ASA Independent Auditor’s Report Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Oceanteam ASA, which comprise: • the financial statements of the parent company Oceanteam ASA (the Company), which comprise the balance sheet as at 31 December 2022, the income statement showing a loss of USD 8 495 000 and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and • the consolidated financial statements of Oceanteam ASA and its subsidiaries (the Group), which comprise the balance sheet as at 31 December 2022, the income statement showing a loss of USD 8 244 000, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion • the financial statements comply with applicable statutory requirements, • the financial statements give a true and fair view of the financial position of the Company as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and • the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.

Independent Auditor’s Report 2022 for Oceanteam ASA We have been the auditor of the Company for 5 years from the election by the general meeting of the shareholders on 13 April 2018 for the accounting year 6. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matters to be communicated in our report. Carrying value of Assets held for sale In December 2022, Oceanteam ASA signed a share purchase agreement for the sale of Oceanteam II B.V. and its fully owned subsidiary Oceanteam Cable Solutions B.V. The sale was completed after approval by the general meeting on 9 January 2023, and entailed a sale of the entire Solution segment. At 31 December 2022 Oceanteam Cable Solutions B.V. owned all of the carousels, tensioners and other ancillary cable handling equipment. The assets has been measured of the lower of their carrying value and fair value, less costs to sell. The fair value less costs to sell has been determined by using the sale price of the Oceanteam Solutions segment. For the Assets held for sale, the fair value assessments resulted in an impairment charge of USD 5,6 million recognized in 2022. Our audit addressed the Key Audit Matter by procedures including, among others: • We obtained management’s fair value assessment and considered whether the assessment contained elements and methodology IFRS require, and that the assessment was consistent with the signed share purchase agreement. • We challenged management’s key assumptions such as net working capital calculation and assessments regarding guarantees, indemnities and other potential liabilities. • We lastly evaluated the adequacy of the related disclosures including those regarding the key assumptions. We refer to Notes 2 and 4 for the Group’s accounting policy for impairment of assets held for sale, and Note 11 and 12 where the Board of Directors explain the valuation process for the Group’s assets held for sale and tangible assets. Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report otherwise appears to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • is consistent with the financial statements and • contains the information required by applicable statutory requirements.

Independent Auditor’s Report 2022 for Oceanteam ASA Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

Independent Auditor’s Report 2022 for Oceanteam ASA We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements Report on Compliance with Requirement on European Single Electronic Format (ESEF) Opinion As part of the audit of the financial statements of Oceanteam ASA, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name 213800AVDTP5HXHL3548-2022-12-31-en, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial statements. In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation. Management’s Responsibilities Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary. Auditor’s Responsibilities Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in compliance with the ESEF Regulation. As part of our work, we have performed procedures to obtain an understanding of the Company’s processes for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.